FRIDAY 22ND AUGUST 2025

Mbah Unveils Reconstructed Hotel Presidential, Enugu, Extols Okpara’s Vision Says abandoned, rotten 62-year-old glorious edifice was ‘affront to our pride’ Vows to turn liabilities into engines of growth

Governor of Enugu State, Dr. Peter Mbah, has unveiled the

reconstructed Hotel Presidential, ministration of former Premier Dr. Michael Okpara. of the 62-year-old edifice as “a Enugu, established by the ad- of the defunct Eastern Region, Mbah described the revival homecoming for history”.

The governor, who performed Continued on page 10

NUPRC Announces Completion of Marginal Field Licences Review, Says Qualified Firms to Be Published... Page 5

Friday 22 August, 2025 Vol 30. No 11093. Price: N400

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CDS: It Took Nigerian Security Forces Six Years to Track Down Ansaru Sect Leaders... Page 37

Makinde: Southern PDP Leaders Have Taken Far-reaching Decision on State of Party Wike’s group dismisses meeting as illegal CP-PDP defends zonal stakeholders

Chuks Okocha in Abuja and Segun James in Lagos

Oyo State Governor, Seyi Democratic Party (PDP) in the wider consultations in the hold in Ibadan, the state capital.

Makinde, yesterday, disclosed south, had taken far-reaching days ahead, preparatory to their But a group of some stakethat the leaders of the Peoples decision expected to lead to national convention proposed to holders loyal to the Minister

of the FCT, Nyesom Wike, including state chairmen of Continued on page 10

CBN Hits 4-year High External Reserves of $41.05bn, Targets $100bn What this milestone means for Nigeria

CONDOLENCE VISIT TO KOGI GOVERNOR ON THE PASSING OF HIS FATHER...

Story on page 10

L-R: House of Representatives member representing Asa/Ilorin West Federal Constituency, Hon. Mukhtar Tolani Shagaya; Former Governor Yahaya Bello; NGF Chairman/Kwara State Governor, AbdulRahman AbdulRazaq; Kogi State Governor, Usman Ododo; and House of Representatives member representing Ilorin East/South Federal Constituency, Hon. Ahmed Yinka Aluko, on Thursday during a condolence visit to the Kogi Governor on the passing of his father, Alhaji Ahmed Momoh Sani Ododo

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THISDAY • FRIDAY, AUGUST 22, 2025

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0807 401 0580

4TH YEAR CORONATION ANNIVERSARY CELEBRATION...

His Majesty, Ogiame Atuwatse III, the Olu of Warri Kingdom, and Her Majesty, Queen Consort of Warri Kingdom, Olori Atuwatse III, during Royal Boat Regatta in celebration of the monarch’s 4th Year Coronation Anniversary in Warri, yesterday

NUPRC Announces Completion of Marginal Field Licences Review, Says Qualified Firms to Be Published

Reiterates commitment to transparent process PENGASSAN urges FG to divest from ownership of refineries Wants oil blocks’ licensees to begin production on dormant assets Emmanuel Addeh in Abuja

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday announced the completion of a case-by-case review of the marginal oil field licences that are currently due for renewal.

NUPRC Chief Executive, Gbenga Komolafe, made the disclosure in Abuja during his address at the Energy and Labour Summit organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) themed: ‘’Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment, and Incremental Production.’’

Speaking on the marginal fields which are due for renewal, Komolafe noted that the final list is currently before the Minister of State for Petroleum (Oil), Senator Heineken Lokpobiri, for his approval before those who scaled the process will be announced publicly.

The NUPRC chief executive

clarified that based on the provisions of the law, the marginal field holders are expected to meet specific milestones upon which they will be assessed and considered for renewal, assuring that no party will get preferential treatment.

“First and foremost, the 2020 marginal field round that was concluded when the NUPRC took office. In fact, every award is done in a manner that awardees are meant to meet specific milestones within the five years period. It does not necessarily mean that they should meet those terms of the award at the same time. The point I’m making here is that the terms are done in a manner that is on a milestone basis.

“So in that respect, the fields that are due for renewal and in the characteristic manner in which the NUPRC has operated, we try to define a template, a transparent template, to look at each marginal fee on a case-by-case basis.

“And an expert team was set up that reviewed each of the awards in the case

of each of the awardees on a case-by-case basis with a score sheet that is equally very transparent. This is because we try to say we’re a 21st century regulatory institution.

And as such, transparency is our watchword. So whatever we do, we make it available to the public and, of course, publish on the portal.

“The score sheet is there to ensure that if we say any awardee does not qualify for renewal, the awardee should be satisfied that the case has

been looked at meritoriously.

So it is on the basis of that that the result of the assessment has been forwarded to the Minister of State for approval. We believe that in the weeks ahead, successful companies that have met the required milestone, will have their marginal fields renewed,” Komolafe stated.

He noted that the 2024 licensing round was a landmark exercise conducted with full transparency, praised by the Nigeria Extractive Industries

The Bauchi state government has said it’s continuing its robust drive to attract investors and unlock the vast economic opportunities within the state, leading to an engaging Economic and Investment Summit Roadshow yesterday in Lagos.

The event, which formed part of a nationwide sensi-

tisation and mobilisation campaign ahead of the Bauchi State Economic and Investment Summit scheduled for October 2025, was led by Governor Bala Mohammed.

Represented by the Secretary to the State Government, Aminu Hammayo, who was accompanied by a high-powered delegation comprising Commissioners, Special Advisers, senior government officials, and

guided by the transformative Petroleum Industry Act (PIA) 2021, has established a modern legal, governance, and fiscal framework that addresses longstanding investor concerns.

In the area of incremental production, the NUPRC boss said the commission has been able to spearhead strategic initiatives that directly support the ‘Project One Million Barrels Per Day’ incremental production target through proactive industry collaboration.

Continues online

Umahi Mulls Termination of LokojaAyingba, Okene-Itobe Road Contracts Orders contractors back to site

Emmanuel Addeh in Abuja

but maintained that meanwhile, the affected contractors must The federal government return to site to work for their yesterday said that it was advance payments.

Minister of Works, David considering the termination of the Lokoja-Ayingba as well as Umahi, stated that these the Okene-Itobe road contracts, decisions were part of efforts

Bauchi Unveils Economic, Investment Potential at Lagos Roadshow Emmanuel Addeh in Abuja

Transparency Initiative (NEITI), broadcast live at the commercial stage, and widely commended as the first in which no one could claim a single dime was paid to anyone.

Komolafe stated that the commission’s ambition is to be resource-responsible by harnessing hydrocarbons with world-class efficiency and environmental stewardship, while strategically investing in cleaner alternatives.

He said the NUPRC,

President of the Bauchi State Chamber of Commerce and Industry, Bauchi showcased its potential in agriculture, solid minerals, tourism, manufacturing, housing, ICT, and renewable energy.

In his keynote address, the governor said Bauchi remains a leading investment destination in Nigeria, built on transparency, inclusiveness, and a conducive business environment. He assured

potential investors of the state government’s commitment to providing policy support, infrastructure, and security that guarantee sustainable returns on investment.

The road show attracted an impressive turnout of captains of industries, business moguls, investors, and financial institutions, a statement by the Special Adviser Media and Publicity to the Governor, Mukhtar Gidado, stated.

to build an effective roadmap on the funding and delivery of ongoing projects inherited from previous administrations.

Umahi, in a statement in Abuja by his spokesman, Uchenna Orji, stated that the minister has reached a mutual agreement with the contractors handling the rehabilitation of the LokojaShintaku-Dekina-Anyigba road and the reconstruction of Okene-Ajaokuta-Itobe dual carriageway in Kogi State on the way forward towards rejigging the project delivery dates.

According to the statement, the projects were awarded in 2022 to CCECC Nig Ltd and TEC Engineering Company Nig Ltd and were meant to have been completed in 2024.

Speaking in a meeting with the contractors held at the min-

ister’s conference hall, Umahi frowned upon the delay by the contractors in achieving the key deliverables of the projects despite the timelines and financial resources made available by the federal government.

He emphasised that the administration of President Bola Tinubu was committed to road infrastructure revolution anchored on the core values of quality, speed and value for money in project delivery.

On the contract for the rehabilitation of one of the roads by CCECC Nig Ltd, he noted that the project was awarded in 2022 with a length of 52.27 kilometres, but stated that the contractor has only achieved 1.97 per cent completion (binder) on one alignment despite receiving N2.5 billion advance payment.

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Strategic consultation...

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso (left), presenting a souvenir to the British High Commissioner to Nigeria, Dr. Richard Montgomery, during a strategic meeting held at the CBN Head Office in Abuja... recently

Court Throws Out Massive $527m Civil Fraud Penalty against Trump Temporarily bars him, children from serving in corporate leadership Supreme Court lets US president cut diversity-related health grants

Emmanuel Addeh in Abuja

A New York appeals court on yesterday threw out the massive financial penalty a state judge imposed on President Donald Trump, while narrowly upholding a finding he engaged in fraud by exaggerating his wealth for decades.

The ruling spared Trump from a potential half-billiondollar fine but banned him and his two eldest sons from serving in corporate leadership for a few years, AP reported.

Trump, in a social media post, claimed “total victory” in the case, which stemmed from a civil lawsuit brought

by New York Attorney General Letitia James.

“I greatly respect the fact that the Court had the courage to throw out this unlawful and disgraceful Decision that was hurting Business all throughout New York State,” the Republican wrote.

James, a Democrat, focused

on the parts of the decision that went her way, saying in a statement that it “affirmed the well-supported finding of the trial court: Donald Trump, his company, and two of his children are liable for fraud.”

The ruling came seven months after Trump returned to the White House, his political fortunes unimpeded by

the civil fraud judgment, a criminal conviction and other legal blows. A sharply divided panel of five judges in the state’s mid-level Appellate Division couldn’t agree on many issues raised in Trump’s appeal, but a majority said the monetary penalty was “excessive.”

A lower-court judge, Arthur Engoron, had ordered Trump last year to pay $355 million in penalties after finding that he flagrantly padded financial statements provided to lenders and insurers. With interest, the sum has topped $515 million.

Additional penalties for guide job creation targets and motivated by the immense executives at his company, policy interventions,” she said. potential of these sectors for job the Trump Organisation, Musawa emphasised the vast creation, economic diversifica- including sons Eric and growth potential of Nigeria’s tion, and global recognition. Donald Trump Jr., brought creative economy and tourism sectors, driven by increasing digital penetration and rising global demand for Nigerian content.

She also highlighted the importance of leveraging the Onyebuchi Ezigbo in Abuja Oluwaseun Faleye, made the country’s rich cultural heritage call on Wednesday in Abuja and creative talents to establish Nigeria Social Insurance Trust during a courtesy visit by the itself as Africa’s creative and Fund (NSITF) has advised leadership of Oil Producers tourism powerhouse. employers of labour to key Trade Sector (OPTS) of Lagos The minister noted that into the Employees Com- Chamber of Commerce to the strategic repositioning of pensation Scheme (ECS) as his office.

Nigeria’s arts, culture, tourism, a panacea to industrial unrest Faleye, in response to and creative economy was in Nigeria. concerns raised by OPTS’ vital for the nation’s future According to a statement contingent, advised employers prosperity. signed by the fund’s Deputy to educate their employees on She urged stakeholders to General Manager, Corporate the welfare policies they had be guided by data, inspired Affairs, Alex Mede, Manag- in place for them, insisting

by Nigeria’s rich heritage, and ing Director of NSITF, Mr. that such would promote

Musawa: FG to Focus on Infrastructure, Policy to Boost Creative Economy, Tourism Lists limited funding, inadequate data as key challenges

Olawale Ajimotokan in Abuja The Minister of Arts, Culture, Tourism, and Creative Economy, Hannatu Musawa, has said that to boost the sector, the federal will focus on infrastructure development and enhanced policies.

Besides, she stated that strategic interventions will lead to the growth and development of Nigeria’s creative economy and tourism sectors.

She asserted these yesterday while declaring open the 2025 Ministerial and Sectoral Retreat, organised by the ministry, at the Nigerian Army Resource Centre, Abuja.

While outlining the key challenges in her keynote address, Musawa identified limited funding access, poor

infrastructure, piracy issues, security concerns, and inadequate data on job creation estimates as major challenges hindering the full realisation of these sectors’ capabilities.

“To address these challenges, the ministry will focus on infrastructure development, policy enhancement, skills development, tourism infrastructure, and data-driven decision-making.

“These include investing in film studios, digital infrastructure, and global distribution networks, strengthening copyright and intellectual property protections and enforcement, establishing fashion incubation centers and creative hubs, enhancing heritage sites and museums, and leveraging primary and secondary data to

the total to $527 million with interest, the AP report added.

“While harm certainly occurred, it was not the cataclysmic harm that can justify a nearly half billiondollar award” to the state, Judges Dianne Renwick and Peter Moulton wrote in one of three opinions shaping the appeals court’s ruling.

They called the penalty “an excessive fine that violates the Eighth Amendment of the United States Constitution.” Both were appointed

by Democratic governors.

Engoron’s other punishments, upheld by the appeals court, have been on pause during Trump’s appeal, and the president was able to hold off collection of the money by posting a $175 million bond.

Embrace Social Insurance Scheme for Industrial Harmony, NSITF MD Urges Employers industrial harmony and boost productivity.

He stated, “You need to highlight your efforts at meeting their welfare demands through compensation scheme, health benefits. and others and tie this to outputs.”

The managing director of NSITF stated that the workers’ demands were not always tied to salary and wages increase, saying the need to assure their future often takes priority.

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Marking the end of social activities at NYSC Camp...

The Lagos State NYSC Coordinator, Mrs. Christiana Salmwang (middle) with some Corp Members at the cultural carnival held at the Lagos State NYSC Camp to mark the end of social activities in camp in Lagos… recently

Jaiz Bank Hits N1.08trn Assets Threshold

Commits to boosting SMEs, agriculture, infrastructure financing

James Emejo in Abuja

Managing Director/Chief Executive, Jaiz Bank Plc, Dr. Haruna Musa, yesterday said the bank’s total assets increased by 86 per cent, to N1.08 trillion in the 2024 fiscal year, compared to N580 billion the previous year. said the performance marked a major milestone as the Islamic financial institution crossed the N1 trillion benchmark.

Speaking after the bank’s 2024 virtual Annual General Meeting (AGM), Musa said the results reflected not only the “resilience of our business model but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders”.

The bank’s gross earnings grew by 75 per cent to N82.87 billion, from N47.24 billion in 2023, while Profit Before Tax (PBT) surged by 121 per cent, to N24.44 billion, up from N11.05 billion in 2023.

According to the managing director, the bank’s cost-to-

income ratio improved to 60.42 per cent, from 65.26 per cent, demonstrating enhanced efficiency in its operations.

In the period under review, customer deposits grew remarkably by 94 per cent, to N904 billion, reflecting increasing public confidence in the bank.

Capital Adequacy Ratio (CAR) strengthened to 23.87 per cent, from 17.96 per cent, further reinforcing the stability and soundness of our institution.

Musa said net risk assets and investments rose by 88

per cent, to N671 billion, while statutory liquidity ratio improved to 47.35 per cent, from 37.24 per cent.

He said, “These achievements underscore our unwavering commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development.

“Looking ahead, we remain committed to deepening financial inclusion, leveraging technology to serve our customers better, and ensuring that Jaiz Bank continues to set the benchmark for non-interest

Former President Olusegun Obasanjo has reiterated his unwavering support for the engineering profession at both the branch and national levels.

He made this known while receiving the president of the Nigerian Society of Engineers (NSE), Engr. Margaret Aina Oguntala, during her one-day official visit to the Abeokuta Branch of the Society on 19th August 2025.

During the courtesy visit to his residence in Abeokuta,

Chairman, Jaiz Bank, Mohammed Bintube, said they successfully concluded a private placement in issuance of N10.5 billion, which strengthened its capital base to N28.7 billion, well above the revised minimum requirement of N20 billion by Central Bank of Nigeria (CBN).

Bintube stated, “This achievement demonstrates strong investors’ confidence in our business model and growth prospects.

“The additional capital provides us with greater capacity to finance large-ticket

transactions and expand our operations, while maintaining healthy capital adequacy ratios.”

He stated that 2024 would be remembered as a watershed in the bank’s history after a performance metrics that “not only surpassed our projections but also redefined industry expectations for ethical banking institutions”.

He said, “This milestone achievement reflects the growing acceptance of non-interest banking in Nigeria, and the trust customers place in our institution.”

FG: Nigeria Positioned as Globally Relevant Mining Hub

Folalumi Alaran in Abuja

The federal government has reiterated its commitment to transforming Nigeria into a globally recognized and competitive mining hub.

The Permanent Secretary, Ministry of Solid Minerals, Engr. Farouk Yabo, while speaking in Abuja on

Thursday on the sideline of the 2025 Nigeria mining week noted that Nigeria’s mining industry is no longer a hidden frontier.

He stated that with over 44 distinct mineral types identified across the federation, the sector represents one of the most exciting investment destinations on the African

Obasanjo Reaffirms Support for Engineering as NSE President Visits Abeokuta Funmi Ogundare

banking in Africa.”

Musa said the bank will further build on the momentum to achieve greater success and will focus on scaling its growth, and deepening impact.

According to him, attention will be given to growing the retail base exponentially, enhancing brand and equity visibility, driving innovation through capital mobilisation, digital expansion and internationalisation, as well as refreshing its five-year strategic plan to adapt to evolving market conditions.

the NSE President highlighted the modest achievements of her administration and used the opportunity to formally invite the former head of state to the upcoming International NSE Conference in Ibadan.

In response, Chief Obasanjo expressed appreciation for the visit, assured the NSE president of his attendance at the conference and of his continued support in strengthening the engineering profession as a driver of national development.

Earlier in the day, the

NSE president was warmly received at the Abeokuta Branch Secretariat by the Branch Chairman, Engr.

Olumayowa Ayodeji Idowu, who described the occasion as both a privilege and a blessing.

He emphasized that the visit was highly symbolic as it reaffirmed the strong bond between the national secretariat and the branch, while reflecting the president’s commitment to engaging directly with members across the country.

continent.

He noted that Nigeria is ready for responsible and profitable mining investment adding that the next decade will scale up industry growth and ensure sustainability.

“Over the past ten years, Nigeria mining week has grown from a modest industry gathering into a flagship platform that convenes government, investors, operators and development partners.

“As we enter the next

decade, our focus is clear, to scale up the industry, ensure sustainability, drive value addition and firmly position Nigeria as a globally relevant mining hub,” he added.

On his part, National President of Miners Association of Nigeria, Mr. Dele Ayanleke, stated the mining week has led conversations that have hallmarked the growth and the development of Nigeria Solid Minerals sector but stated that despite progresses recorded the sector is still

bedeviled with various challenges.

“While we celebrate progress, we acknowledge that challenges remain.

Infrastructure gaps, access to finance and regulatory bottlenecks continue to affect miners, especially small-scale operators.

“Skills development and technology adoption are also critical areas that require sustained attention. Yet with every challenge comes an opportunity”.

NAPTIP Arrests 8 Suspected Human Traffickers, Rescues 29 Foreign Victims at Popular Apartment in Abuja

Michael Olugbode in Abuja

Operatives of the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) have arrested eight persons suspected to be members of the notorious human trafficking syndicate operating between Nigeria and Ghana.

The agency rescued 29 victims, most of foreign nationals of some West African countries, during the raid.

The press officer of NAPTIP, Vincent Adekoye in a statement on Wednesday said the operation was carried out at a popular apartment located in the hidden part of Gwagwalada, a

suburb of Abuja, following an intelligence report by one of the foreign embassies in Abuja.

He noted this latest development came barely a few days after the agency disrupted another trafficking arrangement in Abuja and rescued 25 women en route to Saudi Arabia, for domestic exploitation.

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Presidency Mocks Atiku, Obi, El-Rufai, Lawal, As Nation’s External Reserves Peak At $41bn

Deji Elumoye in Abuja

The Presidency on Thursday mocked opposition coalition leaders including former Vice President and presidential candidate in the 2023 Presidential election on the Platform of the People’s Democratic Party (PDP), Alhaji Atiku Abubakar; his counterpart in Labour Party (LP)and former Anambra stage governor, Mr Peter Obi; erstwhile governor of Ka-

duna state, Mallam Nasir El-rufai and ex-Secretary to the Government of the Federation, Babachir Lawal as the nation’s external reserves hit the $41 billion threshold.

The four are arrowheads of the new political coalition platform, the African Democratic Congress (ADC) seeking to displace the ruling All President Bola Tinubu Progressives Congress in the forthcoming 2027 The ADC had in recent Bola Tinubu-led governgeneral polls. past critique the President ment at the centre for its

CBN Hits 4-year High External Reserves of $41.05bn, Targets $100bn

James Emejo in Abuja

In the one of the most cheering news from Nigeria in recent times, the country’s gross Foreign Exchange Reserves increased yesterday (August 21, 2025) to $41.05 billion, the highest level in over 44 months, demonstrating the continued improvement in macroeconomic indices in recent times.

Even as the apex bank is targeting to build the country’s external to an impressive $100 billion.

A day before, external reserves rose to $41 billion from $40.96 billion on August 18, 2025, showing less volatility over the past one month.

Compared to about $40 billion, announced by the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, as at July 18, external reserves had increased by

about 2.62 per cent to date.

The current movement in reserves represented the highest level recorded since December 3, 2021, and has continued to maintain the upward trajectory in recent weeks.

Essentially, FX reserve movements are particularly crucial for economic stability, currency strength, import capacity, debt management, and overall investor confidence.

Changes in the reserves could signal economic stress or health.

Amid huge debt service obligations, and revenue challenges, the stability in external reserves movement, coupled with a marked deceleration in inflation rate as well as Naira’s relative stability offer renewed hope for the country about better days ahead.

The development further attests to the position of the

central bank’s management team that monetary policy actions are so far headed in the right direction.

Senior officials of the bank told THISDAY last night that the long term goal of the apex bank is to raise the country’s external reserves to at least $100 billion to further strengthen the economy and remove the toga of ‘fragility’ often associated with it.

Recall that during the last Monetary Policy Committee (MPC) meeting in July, Cardoso had attested to the sustained stability in the foreign exchange market, accentuated by improved capital flows, earnings from increased crude oil production, rising non-oil exports and significant reduction in aggregate imports.

He said: “That clearly is a reflection of the way that the international investors view

the banking system, and I was again very privileged to have a conversation with a good number of them about three or four weeks before this listing took place.

“And really and truly, a lot of interest, I must say, there is

and we are sure that those that have been saying all around that PDP is dead.

“That PDP is now a carcass, at least with the calibre of the people that you’ve seen here, sitting governors, former governors, leaders and elders, the former senate president, chairman of BOT, they are all here and committed to PDP taking back its rightful position in Nigeria,” he said.

The meeting also had in attendance Chief Bode George, Prince Olagunsoye Oyinlola, Dr. Fred Agbedi, former governor Emanuel Udom of Akwa Ibom, and Senator Ben Obi, among others.

Makinde explained further: “So, in the days ahead, some of the things discussed here, you’ll see them on pause. But you can see here. Go through a little bit of the people that are here.

“Governor Adeleke is here.

He came back into this country, I believe this morning, and then he went straight to Osogbo to address some governance issues.

But he said, look, whatever we decide here is with us.

“Governor Diri is here, Governor Peter Mbah, who couldn’t make it physically, sent the deputy governor, who is here. You have the chairman of our board of trustees here.

You also have at least 12 of the 17 members of the zoning committee from the south.

“It’s one per state. So you have 12 states here. You have in each zone, you have rep members here, you have senators from each zone in the south, the three zones.

“You have BoT members from the three zones in the south.

So, yes, I won’t say maybe the organisers will score 100%. You

Bola Tinubu. I can bet that Atiku Abubakar, Peter Obi, Nasir El-Rufai and Babachir Lawal would never acknowledge this remarkable success. They are more interested in their doomed campaign to overthrow Bola Tinubu.

“This obsession has blinded them from recognising the progress being delivered by President Bola Tinubu’s government on multiple fronts.”

a lot of interest internationally, on putting money on the Nigerian financial system.

“The key thing is that we as regulators will continue to play our part to ensure that the system and the players and the actors continue to do

what we are doing, creating resilience, creating buffer, and, of course, playing by the rules, because that is so important for those who are looking to invest that they can believe and they trust in you.”

What This Milestone Means for Nigeria

With over $41 billion in the kitty, the external reserves now offer fresh hope for the country’s fragile economy and currency market. The increase reflects improved oil receipts and tighter management of foreign exchange inflows, and could serve as a stronger buffer for the naira at a time of heightened economic pressures.

External reserves, which represent the stock of foreign currencies and assets held by the CBN, are critical for meeting the country’s import needs, servicing

Makinde: Southern PDP Leaders Have Taken Far-reaching Decision on State of Party

the party, former governors, National Assembly members, serving and former National Working Committee members of the party, as well as other stakeholders from the region have disowned the meeting.

This was as the Conference of Professionals in the PDP has confirmed that the leaders of the party in the South did not dismiss the stakeholders’ summit organised by the zoning committee in Lagos, contrary to misleading claims by some elements in the party.

Speaking at the meeting, Makinde, who was flanked

by Governor Douye Diri of Bayelsa State; chairman of the Board of Trustees and former Senate President, Senator Adolphus Wabara; and the deputy governor of Enugu State, insisted that Wike was not the issue right now.

“Personally, when people go low, or they go into the gutters, I don’t go with them.

Nothing should stop us from consulting. Democracy is about the minority having their say and the majority having their way. That is democracy.

“So, we’re democrats, the south has taken far-reaching decisions, and in the days ahead, leading to our next wider consultations will also take place,

reforms which it claimed has yet to make any impact on the nation’s economy.

In his reaction, presidential spokesman, Bayo Onanuga, on his Facebook account wrote: “The latest milestone was reached without our country having a massive inflow from oil sales. Indeed, oil prices are sliding southwards.

“It’s all about the prudent management of the economy by President

don’t score 100% in politics.

“And quite frankly, they are members of PDP. And consultation means you keep reaching out, you keep engaging.

So, from this meeting, we will also reach out and engage and even do more.

“Exactly what are we trying to do? We’re trying to get all stakeholders, all tendencies in the PDP together so that we Continued on page 35

external debt, and stabilising the naira.

Recall that when Cardoso took office in September 2023, the CBN had very low net reserves, especially once short-term obligations like heavy forwards and swaps were deducted from gross reserves.

By the end of 2023, it was disclosed that Nigeria’s net FX reserves were just $3.99 billion, meaning that although gross reserves looked healthy, the usable net reserves was less than $4 billion.

Under Cardoso’s policies, that figure has now risen sharply after the payments of the swaps and forwards, including debts owed foreign airlines, which allowed them to resume operations.

Although it’s still unclear what the net reserves are presently, it is a lot higher than what Cardoso inherited, since for instance over $7 billion forwards were knocked out of the arrears. This means that the exchange rate will be a lot more stable, investors’ confidence will return, while there will be free entry and free exit into the

Nigerian economy.

“This is because people know that when they bring their money to Nigeria, they can take it away whenever they want. This is further reflected in the fact that even banks have started allowing people to use Naira-funded debit cards abroad. Besides, school fees are now easier to pay for parents who have their wards outside the shores of Nigeria.

“So there are so many gains.

Investors can come even quietly, because they can also go quietly.

So these are some of the benefits for the foreign exchange market,” a source told THISDAY yesterday.

With reserves now at over $41 billion, Nigeria is in a stronger position to defend its currency against speculative attacks, provide liquidity to the foreign exchange market, and meet international obligations without putting undue strain on the economy.

The development comes against the backdrop of reforms introduced by the CBN to unify the exchange rate and attract Continued on page 37

Mbah Unveils Reconstructed Hotel Presidential, Enugu, Extols Okpara’s Vision

the unveiling in Enugu on Thursday, extolled the foresightedness of the former premier. He regretted that the monument of pride had rotted away for the past 15 years, and explained that Hotel Presidential’s revival was in line with his campaign promise to recover Enugu’s moribund assets and also grow the state’s economy sevenfold.

An elated Mbah said, “Sixtytwo years ago, our forebears under the visionary leadership of Dr. Michael Okpara built this landmark as a symbol of Eastern Region’s resilience, elegance and enterprise.

“Over the decades, time and neglect dimmed that light. For about 15 years, this glorious edifice stood as an affront to our pride, as something contrary

to what we represent.

“We came into office with a strong pledge: to recover what belongs to our people, convert dormant assets into productive assets; turn liabilities into engines of growth. “That is why this unveiling is more than opening the doors of a hotel; it is the reopening of Enugu’s confidence.

It is a tangible sign that when we say Enugu is open for business, we mean business.

“This hotel is a strategic enabler of our growth plan, comprising the ambitious target to grow Enugu’s economy seven-fold to at least $30 billion and to achieve a zero per cent poverty headcount rate.”

Mbah assured that the standards for the hotel’s revamp were truly world-class, because

the administration “insisted on this so that when Enugu says ‘welcome’ to its investors, our hospitality infrastructure speaks with the same credibility as our policies”.

He stated, “Our hospitality ecosystem today is simply inspiring: the 5,000-seat International Conference Centre (ICC) now anchors Enugu’s conferencing ambitions; the adjacent 5-star, 345-room ICC Hotel under construction will deliver premium ‘keys’ for large events; Enugu Air, which has given wings to our dreams and announced the scale of our vision to the world; and now, the renewed Hotel Presidential adds a full-service icon back into the mix.

“None of this is a whimsical project; they are connecting

dots on a large canvas. These assets are crucial to our aim to welcome up to three million annual tourist visits and to make Enugu the Conferencing Capital of Africa.”

The governor added, “The economic value is already visible. This hotel alone supports hundreds of direct jobs, culinary and events teams, engineering, landscaping, suppliers, and several other opportunities.

“Every conference day books our taxis and CNG buses; every visiting family discovers our art, our music, our cuisine, and our warmth.

“And the signal to investors is even bigger: when government shows it can recover assets, fix the fundamentals, and Continued on page 34

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Politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sms only

Oyo By-election Result: Adelabu in the Eye of the Storm Kemi Olaitan reports that last Saturday’s by-election in Ibadan North Federal Constituency won by the Peoples Democratic Party may have pitched members of the All Progressives Congress in Oyo State against Minister of Power, Chief Adebayo Adelabu.

O

yo State was part of the 12 states in the country where by-election was conducted last Saturday by the Independent National Electoral Commission (INEC) to fill the vacant seat of Ibadan North Federal Constituency.

It was won by the candidate of the Peoples Democratic Party (PDP), Hon. Folajinmi Oyekunle who polled 18,404 votes, defeating other challengers including Hon. Adewale Olatunji, widely known as Murphy, of the All Progressives Congress (APC), who garnered 8,312 votes.

The seat became vacant following the death of Hon. Olaide Akinremi (Jagaban), a ranking member of the House of Representatives on the platform of APC who died on July 10, 2024.

While the result of the election torpedoed APC from the seat it had in its kitty before, it however did not come as a surprise to political watchers in the pace setter state who believed that the party faced the election with a divided house.

For many, the journey to defeat started during the process of picking the candidate to fly the ticket of the party. While the leadership of the party adopted indirect primary to achieve this, most of the aspirants kicked against the emergence of Olatunji as the flagbearer of the party alleging that the process was manipulated.

Indeed, six of the aspirants while addressing journalists in Ibadan about two weeks to the election, rejected the choice of Olatunji for the by-election, raising alarm that should the party lose the election the former acting National Chairman of the party, Bukar Dalori and Minister of Power, Chief Adebayo Adelabu, must be blamed.

An aide to former governor, late Senator AbiolaAjimobi, SaheedAderounmu, who spoke on behalf of the other five aspirants, said they stand united against what they termed ‘alleged imposition’ of Olatunji as the candidate of the party, describing the act as a clear disregard for democratic principles and the rule of law.

They alleged that the former acting National Chairman in collusion with Adelabu, caused crisis by imposing Olatunji without a primary election in line with relevant laws and party guidelines, maintaining that the imposition is unacceptable as it will undermine the credibility of the party.

Aderounmu said, “We reject imposition in politics and believe that all candidates should be given a fair chance, just like President Bola Tinubu subjected himself to party primaries.

If there’s a crisis in the party and APC fails to win, the blame should go to Adebayo Adelabu and the national working committee under the former acting chairman, Ali Bukar Dalori.

“We pray for truthful, inclusive and harmonious reconciliation to save our party.

We reiterate our commitment to democratic principles and the rule if law. We believe that the APC should as a party that upholds the values of democracy fairness and transparency do the right thing and allow democracy to take it’s course.”

The blame game on Adelabu rather than abate has increased since the declaration of the result with many chieftains and groups within the APC calling for his head over the defeat of the party.

For instance, a group within the party under the aegis of Concerned Leaders, specifically appealed on President Tinubu, to sack the Minister of Power, over what it described as his questionable capacity, lacklustre leadership style, and poor decision making ability.

The group in a statement by its Chairman, Chief Tejumola Adisa, warned that if Adelabu is not removed now his acts may seriously harm the administration of President Tinubu, stating that the Minister had already brought harm to the APC in Oyo State.

While appraising the outcome of the byelection in Ibadan North Federal Constituency where APC was defeated in all the 12 wards,

the leaders said the party failed woefully in the election as a result of the poor decision by the Minister to single handedly pick an unpopular candidate out of the more qualified and popular aspirants that bought forms on the platform of the party.

The leaders, who expressed sadness over

the abysmal performance of the party in the election, added that the unilateral imposition of unpopular candidate on the party for the election, arrogance, bad human relations and weird allotment of positions and government patronages by Adelabu have destroyed the party in Oyo State.

The statement by the Concerned Leaders read in part, ‘’In a reckless display of naked power, the Minister without any recourse to party leaders in the local government and the state arrogantly imposed Mr. Adewale Olatunji, who had not been associating with the party against more reputable and acceptable active party members, that included former local government chairmen and former members of House of Assembly.

“At the end of the day, Adelabu’s imposed candidate was roundly defeated in all the 12 wards, including his polling unit, where he struggled to win just six votes.”

The APC leaders stated further that due to his insensitivity to diverse perspectives, Adelabu gave the three major appointments allocated to Oyo State to only members of the Accord Party under which platform he contested the gubernatorial election in 2023.

“Exercising his power as a Minister, Adelabu made Mr. Rasheed Adegboyega, a failed House of Representatives aspirant of the Accord party in Oluyole Federal Constituency, the Executive Director, Corporate Services of Rural Electrification Agency. He also made the President to appoint a leader of the Accord party in Oluyole Local Government, Hon. Ibrahim Olaifa, as the representative of Oyo State in the all-important South West Development Commission.

“Similarly, Minister Adelabu misled President Tinubu in appointing another person from Oluyole Local Government as the Oyo State Commissioner for Federal Character Commission. The position was given to the candidate of the Accord party in the last election, Hon. Ayodeji Abass-Aleshinloye. Ironically, Aleshinloye already had another federal appointment facilitated for him by Adelabu before last week’s appointment.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Uzodimma Tasks Imo LG Chairmen, Others on Grassroots Development

The Progressive Institute recently organised a retreat for Chairmen, Councillors and other principal officers of the 27 local government councils in Imo state on the need to bring effective governance to the teeming populace at the grassroots.

A

three-day retreat on Public Sector Governance for principal officers of the 27 Local Government councils in Imo State organised by The Progressive Institute ((TPI) has taken place in Owerri, the state capital.

The retreat with the theme: Enhancing Local Government Governance for Sustainable Development was declared opened by the Governor of Imo State and Chairman of the Progressive Governors Forum, Senator Hope Uzodimma at the the Sam Mbakwe Hall in Owerri while participants were presented with certificates at the end of the three-day retreat.

Declaring the programme open, Governor Uzodimma, in a release issued by TPI’s Head of Media and Strategic Communications, Wale Abedden, told the teeming participants to be good ambassadors of APC in their respective local governments and wards.

He warned the local government officials against indiscipline, corruption, compliance with law and order and dedication to service, noting that his administration will not condone “diaspora local government officials”.

He also charged the participants to live and relate with the community they represent.

“As a local government officials, you’re expected to live within your communities.

You must be able to relate well with your community leaders, traditional rulers, youth

and ordinary citizens in your community to determine what their needs are and act on them accordingly. All chairmen must live within his or her local government and the councilors must reside within their wards. This is a must hence I have tasked security agencies to monitor you”, Governor Uzodimma stated as he hailed The Progressive Institute for the quality of the training.

On his part, Director General of The Progressive Institute, Dr Lanre Adebayo, thanked Governor Uzodimma for a fulfilled

promise he made at the inauguration of TPI in September, 2024.

His words: “I would like to express my profound gratitude and admiration to the Governor of Imo State, for your visionary leadership and unwavering commitment to the development of Imo State”.

According to him, “The retreat is a collaborative effort between The Progressive Institute and the Ministry for Local Government and Chieftaincy Affairs in Imo State, and we are honored to have such a distinguished group of guests to grace this occasion.

“Today, we have a total of 575 participants, comprising key officials from 27 local government areas of Imo State, including Chairmen, Vice Chairmen, LG Secretaries, Treasurers, Directors of Personnel Management, Councillors, and Supervisory Councillors”.

Participants at the training were educated on eight critical areas of Public Procurement: Best practices and strategies for effective procurement in local governments, Public Financial Management: Principles and practices of financial management in local governments, Public Service Rules: Understanding the rules and regulations governing the public service in Nigeria.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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BUSINESSWORLD R A T E S

MONEY MARKET

A S

REPO

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Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com

08056356325, 07034471123

A u g u st

S & P INDEX

2 1 , 2 0 2 5

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EXCHANGE RATE

OPR

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Experts Identify Factors Militating against Affordable Financing for Nigerian Airlines

Chinedu Eze Aviation expert have identified factors responsible for the unwillingness of banks and other financial institutions to advance credit facility to airlines in Nigeria.

In their reaction to a conference held on the subject in Lagos, they stressed the need for urgent reforms to transform the industry.

Speaking, former Rector of Nigerian College of

Aviation Technology (NCAT), Zaria, Captain Samuel Caulcrick, said one of the salient factors is low aircraft utilisation, which refers to how many hours an aircraft flies in a day.

According to him, “Most airports in Nigeria lack airfield lighting, so, flights cannot land there in the night. Out of over 32 airports in Nigeria, only five operates after 6:00 pm, which means that aircraft utilisation on domestic routes only takes place

during the day time. The major aircraft type that airlines operate in Nigeria, which are narrow body aircraft, like Boeing B737, Embraer E145, E170 and others ought to operate for about 12 hours a day for them to be in full utilisation. Experts posit that aircraft is in healthier state when it is adequately utilised stressing that the more it operates the more it generates revenue.

“A bank lending money to an airline will look at

the ability of the airline to generate revenue to service and offset the loan on agreed time. Low aircraft utilisation is indeed a significant challenge facing the Nigerian aviation industry. To put this into perspective, global leaders in aviation achieve 10-12 hours of daily utilisation for narrow-body aircraft, while Nigerian airlines average around 6-8 hours.

This disparity has severe implications for revenue, costs, and profitability.”

Caulcrick said the impact of low aircraft utilisation include revenue loss and explained that a one-hour increase in daily utilisation can improve operating margins of an airline by 1-2%; “so, for Nigerian airlines, achieving 10-12 hours of daily utilisation could translate to $50-100 million in annual revenue per airline.”

He also disclosed that airlines spend more money on low utilisation of aircraft because airline

must expend the same amount of money on aircraft, except fuel, whether it operates for eight hours more.

“Low utilisation spreads fixed costs over fewer flights, inflating the cost per available seat kilometre (CASK). Leasing a Boeing 737 in Nigeria costs $150,000-$200,000 monthly and maintenance abroad adds significant overhead,” he explained.

The story continues online on www.thisdaylive.com

FG Projects $200bn Revenue from Lekki Port in 45 Years Eromosele Abiodun

The federal government has projected that the Lekki Port will generate $200 billion revenue for the country in 45 years of its concession period.

The Minister of Blue and Marine Economy, Mr. Adegboyega Oyetola, stated this during a breakfast meeting organised by the Nigerian Chamber of Shipping (NCS) in collaboration with Lekki

Port in Lagos.

He explained that since the port commenced commercial operations, the challenge associated with port congestion has been easing both in Lagos and other ports, while simultaneously enhancing Nigeria’s competitiveness as a logistic hub.

He stated that the level of world-class infrastructure at the port signals vast untapped opportunities for investors, operators,

and service providers.

He also stressed that the federal government has been playing a pivotal role in ensuring that the port does not suffer logistic bottlenecks through the completion of critical access roads linking it directly to major highways.

According to him, with the road infrastructure provided by the federal government in collaboration with the Lagos State Government and private

by road, rail, and inland waterways; supportive policies and investment incentives; and technologydriven operations that deliver speed, transparency, and efficiency.

While commending the Nigerian Chamber of Shipping for its tireless work in advancing the maritime industry, the minister explained that the federal government remains committed to taking the lessons of Lekki Port and

applying them nationwide to transform the entire port system into a network of modern, efficient, and competitive gateways.

According to him, the government is already modernising the Western Port in Apapa, upgrading the Eastern Ports in Onne, Calabar, and Rivers to stimulate balanced regional growth, and finalise the Port Community System.

The story continues online on www.thisdaylive.com

M a r k e t d ata A s at T h u r s d ay, A u g u s t 2 1 , 2 0 2 5

BONDS

Description Price Yield Change Updated Time (%) ^16.2884 17August 99.24 16.83 0.00 21, 2025 MAR-2027 August ^19.94 20104.41 16.61 -0.01 21, 2025 MAR-2027 ^13.98 23August 95.10 16.44 0.00 21, FEB-2028 2025 ^21.00 20August 108.71 16.68 0.00 MAR-2028 21, 2025 ^14.55 26August 106.29 16.89 0.00 APR-2029 21, 2025

sector partners, cargo now moves out faster, investors’ confidence is restored, and trade flows without unnecessary delay.

He noted that the success of the port offers a replicable model for trade and shipping growth in Nigeria, adding that it was built on five pillars which include strategic location with regional market access; strong public–private partnership framework; integrated transport links

BILLS Maturity NTB 4-Sep25 NTB 9-Oct25 NTB 6-Nov25 NTB 4-Dec25 NTB 8-Jan26

Discount Yield

Change (%) Updated Time

Maturity

16.33

16.43

August -0.01 21, 2025

15.68

16.02

August 0.00 21, 2025

16.09

16.66

August 0.00 21, 2025

16.72

17.56

August -0.02 21, 2025

17.95

August 0.00 21, 2025

SALC CP II 3-OCT-25 LFZC CP X 16-SEP-25 SIBP CP I 11DEC-25 CILE CP V 11-DEC-25 EULL CP IX 18-JAN-26

16.79

CLEARED NAIRA-SETTLED NDFS

CPs Discount Yield 20.68

21.19

20.81

21.12

18.52

19.64

22.02

23.61

19.45

21.14

Change (%)

Updated Time

August 0.00 21, 2025 August 0.00 21, 2025 August -0.02 21, 2025 August -0.03 21, 2025 August -0.06 21, 2025

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS JUL 13M – 29 2026 NGUS AUG 14M – 26 2026 NGUS SEP 15M – 30 2026 NGUS OCT 16M – 28 2026 NGUS NOV 17M – 25 2026

Updated Time

August 21, 2025 August 21, 2025 August 21, 2025 August 21, 2025 August 21, 2025

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FRIday, August 22, 2025 • T H I S D AY

BUSINESSWORLD

Air watch

FG Directs NIMASA to Commence CVFF Disbursement to Ship Owners

Oluchi Chibuzor

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that the federal government has directed Nigerian Maritime Administration and Safety Agency (NIMASA), to commence disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified indigenous ship owners.

This move, he said, is a major step that would enable indigenous shipowners to acquire

new vessels, expand capacity, and move decisively towards the establishment of a National Flag Carrier.

Adegboyega stated this during a breakfast meeting organised by Nigerian Chamber of Shipping, themed, “Unlocking Opportunities: The Lekki Deep Seaport Playbook For Transforming Trade And Shipping In Nigeria,” in Lagos.

He said the administration is fully aware that infrastructure alone would not secure the

nation’s maritime future.

According to him, “Nigerians must be at the helm of the shipping business itself. A strong national shipping fleet is essential to retaining value, building local capacity, and asserting our presence on global trade lanes. I have, therefore, directed the Nigerian Maritime Administration and Safety Agency (NIMASA), to commence disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified indigenous ship owners.”

A i r Watch Curbing Accidents through Multimodal Investigation

NCAA Introduces New Laws on the Use of Mobile Devices

Kasim Sumaina in Abuja

Following recent unruly behaviours of air passengers at Nigerian airports, the DirectorGeneral, Nigeria Civil Aviation Authority (NCAA) Capt. Chris Najomo has said all mobile phones must be switched off during takeoff and landing of an

aircraft in Nigeria.

He said the flight mode option was longer acceptable in Nigeria with immediate effect.

Rising from an emergency meeting of the National Civil Aviation Security Committee (NSASC) and Stakeholders Meeting held in Abuja on Tuesday, Najomo said deeper synergy between all aviation stakeholders

must be encouraged to stem unruly passenger behaviour and safety.

He noted that as a takeaway and to avoid ambiguity and confusion, all mobile phones, and other portable electric devices should be switched off during the critical stage of flight on all Nigerian airlines. Switched off.

“Nothing like flight mode any longer” he stated.

Ethiopian Airlines, Finchglow Holidays Partner to Boost Tourism in Africa

Stories by Chinedu Eze

Ethiopian Airlines and Finchglow Holidays have signed strategic partnership agreement to promote destinations in Ethiopia, Nigeria and Africa at large.

The partnership, which was unveiled recently, aims to reposition Ethiopia and Nigeria as tourism destinations and to expose other destinations in Africa, in response to the growing inter-African travel and the discovery of tourism

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Energy Emmanuel Addeh Asst. Editor, Money Market Nume Ekeghe Correspondents KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporter Peter Uzoho (Energy)

destinations in the region.

Ethiopian Holidays, a subsidiary of Ethiopian Airlines and Finchglow Holidays will collaborate to promote other tourist attraction in different countries in Africa,

as Ethiopian Airlines which operate about 66 destinations in the continent can help Africans explore the rich cultural and natural heritage located in different landscapes, spanning the four sub-regions of Africa.

Rotary Club of Ewutuntun Holds Membership Campaign Walk Rotary Club of Ewutuntun, District 9111 is set to hold membership campaign walk tomorrow.

According to the President Rotary Club of Ewutuntun, Stephen Olukayode Ogundipe, “The membership campaign walk begins at 9 am at Ibis Royale hotel , Mafoluku junction Airport road to 7 & 8 Junction, en route Ajao estate and ends at 10 am at Airport road, to create awareness and recruit interested and qualified non- Rotarians to join Rotary International, people of action doing good in the world.”

Ogundipe, the lawmaker representing Oshodi- Isolo Constituency 1 in the Lagos State House of Assembly stated that, “The membership campaign walk includes music, funfare and fanfare,

distribution of flyers and survey exercise.”

In her contribution, the Club Administration Chairman, Olaitan Azeez added that, Membership Seminar with the theme, “Monetary Costs and Membership in Rotary,” follows at 10 am at Ibis Royale hotel, Airport road, Lagos to be delivered by past Assistant Governor (PAG) Rotary International District 9111, Samson Okenyi.”

Club past President Samson Okenyi expressed enthusiasm about the Membership Seminar, stating that, “friends of Rotary, philanthropic individuals should come and learn, network and gain insights on humanitarian services, as we deepen our understanding of membership and its value.”

Chinedu Eze The rail, maritime and road subsectors of the Nigerian transport industry have been exposed to accident vulnerability for several years and most accidents that happened in these modes of transportation were not investigated in detail, only casualty figures were usually recorded.

But this has changed since the emergence of the Nigerian Safety Investigation Bureau (NSIB), which is providing multimodal investigation services encompassing air, rail, maritime and road transport after its establishment with the NSIB Act 2022.

With full embrace by the transport sector, it is hoped that accidents will drastically reduce and safety will improve with all pre-emptive measures that will be put in place because the major duty of the Bureau is to prevent accidents.

For this major objective to be actualised, it is expected that the Nigerian Maritime Administration and Safety Agency (NIMASA), the Nigeria Railway Corporation (NRC) will fully work with NSIB, just as the air travel industry is working with the agency in fulfilment of mandate given NSIB by the federal government.

For example, NIMASA working fully with NSIB will enable Nigeria to operate the procedure and policy requirements of the International Maritime Organisation (IMO), which takes cognizance of accident investigation body of every country as part of the regulation guiding the maritime sector.

In a recent media chat with journalists, the Director-General of NSIB, Capt.

Alex Badeh Jnr, said that it was critical for Nigeria to comply with the international standards in all the modes of transportation in the country because it would bolster stakeholders’ confidence in Nigeria’s system, increase its ratings in the comity of nations and accident reoccurrence with be significantly prevented through the recommendations of NSIB safety reports.

What this means is that all modes of transport will be under the surveillance of NSIB and if accident happens

in any subsector, the agency will comprehensively investigate it to know the root and immediate causes and at the end issue recommendation, which if implemented will prevent similar accident from happening in future.

To measure up to the expected standards, Badeh said the bureau had already drafted Maritime Safety Investigation Regulations 2025, Railways (Investigation of Accident and Incidents) Regulation 2024 and the Civil Aviation (Investigation of Air Accidents and Incidents) Regulations, 2025, hoping that their implementations would be accepted by all concerns.

He erased the notion in some quarters that the entrance of NSIB into accident investigation in the marine sector would lead to overlapping of functions in the sector.

According to him, the IMO recognised NIMASA as an investigator of marine accidents because there was a vacuum in the system, but maintained that the emergence of NSIB had closed the gap in the system.

“Best practices all over the world, is that we usually have an independent investigative body outside the regulator.

NIMASA, which is a regulator just like the Nigeria Civil Aviation Authority (NCAA) was recognised as the investigator by IMO because it was the only one doing that, but with the passing of our 2022 Act that gave us the power to investigate other modes of transportation.

“Also, we are not doing this on our own, we work with the IMO to do this.

We are recognised by the IMO and once we stabilise and all that, there will be more information to us by the IMO and other recognised bodies,” Badeh said.

Badeh explained further that the bureau was on the verge of engaging investigators in the rail and maritime sectors for effective investigation of occurrences in those modes of transportation, assuring that some professionals would come on-board

by September and October this year to beef up its operations.

The story continues online on www.thisdaylive.com

This

Weekend T H I S D AY • FRIday, AUGUST 22, 2025

Group Features Editor: Chiemelie Ezeobi chiemelie.ezeobi@thisdaylive.com

07010510430

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Weekly Magazine UTH

& R E ASO

How Dr. Samuel Ogbuku is Steering the NDDC Towards a New Future

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T H I S D AY • FRIday, AUGUST 22, 2025

Cover

How Dr. Samuel Ogbuku is Steering the NDDC Towards a New Future

For much of its 25-year history, the Niger Delta Development Commission (NDDC) has carried the weight of high expectations as an agency created to fast-track development in Nigeria’s oil-rich region, yet often challenged by the scale of its mandate and the complexity of the terrain. Over time, the NDDC became a symbol of both hope and frustration for the people it was meant to serve. But under the leadership of Dr. Samuel Ogbuku, the commission is beginning to chart a different course, one that is pragmatic, people-focused, and grounded in accountability. At 50, Ogbuku embodies both the aspirations and resilience of the Niger Delta. A former youth activist turned administrator, he has set out to prove that the NDDC can deliver onitsoriginalpromisebyprioritisinglegacyprojects,education,digitalliteracy,andsustainablelivelihoods,Precious Ugwuzorreports

I

n its 25 years of existence, the Niger Delta Development Commission (NDDC) has remained central to conversations about the region’s growth. Established to bring lasting solutions to decades of neglect, the Commission has had moments of progress as well as missed opportunities.

Today, however, under the leadership of Dr. Samuel Ogbuku, it appears to be turning a page, emphasising completion of legacy projects, empowering communities, and laying the groundwork for a more sustainable future.

For Ogbuku, who turned 50 this year as the NDDC also marked its silver jubilee, the convergence of these milestones is deeply personal.

“I remember when the NDDC was established, I was in my final year at the University of Port Harcourt. I never imagined that one day I would lead this institution,” he reflects. “So for me, this is not just a role. It is a sober moment of reflection about what legacy I can leave behind.”

A Product of the Niger Delta Struggle Born in Ayakoro, Ogbia Local Government Area of Bayelsa State, Dr. Ogbuku’s formative years were anything but privileged. Raised in a crowded neighborhood in Port Harcourt, he attended public schoolsChrist the King School in Oromenike and Government Secondary School, Borokiri, before securing admission into the University of Port Harcourt to study Political and Administrative Studies. His story is not one of inherited advantage but of resilience and grit, qualities that shaped his philosophy of leadership.

“My life has taught me that the bitter experiences are as important as the sweet ones,” he says. “If I found it difficult to feed at one point, then my policies today should ensure no one else has to go through that.”

As a student leader, Ogbuku cut his teeth in activism, serving as a youth leader and later as Public Relations Officer of the Ijaw Youth Council (IYC) Central Zone. Those years immersed him in the agitation for justice and equitable development in the Niger Delta. It was a struggle that claimed lives and livelihoods, but also galvanised a generation of young leaders, including Ogbuku, who believed their region deserved more than environmental degradation and economic exclusion.

From Government Aide to Traditional Ruler Ogbuku’s career spans over two decades, blending activism, governance, and entrepreneurship. He served as Personal Assistant to the Minister of State for Petroleum’s Special Assistant in 2005, and between 2007 and 2012, he was Chief of Staff at the Bayelsa State Government House under Governor Timipre Sylva. His years in public

prepare them for a future where digital literacy is non-negotiable.

“Building walls doesn’t educate the mind,” Ogbuku says pointedly. “We must prepare young people to compete globally.”

Tackling Youth Restiveness The Niger Delta has long been synonymous with youth restiveness, militancy, and disruption of oil production. But under Ogbuku, there is a marked shift. By engaging young people directly in development projects—rather than leaving them at the margins—he has helped calm a restive population.

Former agitators who once blocked the gates of the NDDC now boast of constructing roads and installing solar streetlights.

The Commission has also expanded skill acquisition programs, moving away from one-day workshops and token “starter packs” to longer, more sustainable training. In Port Harcourt, for instance, 200 youths are undergoing a three-to-four-month fashion design training program, complete with accommodation and supervision.

The goal, Ogbuku emphasises, is sustainability, not handouts.

Dr. Ogbuku

service were followed by a stint in the private sector, where he managed Fulfilled Farms Nigeria Limited, deepening his interest in agriculture and aquaculture.

The Bayelsa-born administrator is also a traditional ruler, serving as Deputy Paramount Ruler of Ayakoro Town in Ogbia LGA. This multiplicity of roles—activist, aide, entrepreneur, and monarch, has given him an unusual breadth of experience and empathy. “That is why I can easily connect with young people, students, and even rural communities,” he says. “I have lived through their realities.”

Rewriting the NDDC Story When Ogbuku assumed office as Managing Director of the NDDC, he inherited not just an agency but a perception problem. To many Nigerians, the Commission had become synonymous with unfulfilled promises. Changing that narrative required more than rhetoric; it demanded results.

The Okitipupa electrification project in Ondo State stands as one of the clearest markers of this shift.

For 15 years, the people of Ondo South lived without electricity, despite being part of an oilproducing area. Under Ogbuku’s leadership, and with a push from President Bola Tinubu to revive abandoned projects, light finally returned to the region.

But electrification is just one example. From the 27-kilometer

Ogbia-Nembe Road with seven bridges, to the 600-meter bridge linking Ibuno to Eastern Ogulu in Akwa Ibom, and the 1.2-kilometer Kaa-Ataba Bridge—currently the longest i n the region—Ogbuku has made completing legacy projects the cornerstone of his administration. Abandoned projects, some lying fallow for 15 to 20 years, are now being dusted off and finished.

Building Human Capital Yet, for Ogbuku, infrastructure alone does not equate to development. He has made education and digital literacy a priority, believing that the future of the Niger Delta depends on its youth.

Under his watch, the Commission’s foreign postgraduate scholarship program has gained renewed credibility, producing scholars who graduate with distinction abroad.

But recognising that not all can study overseas, he expanded the initiative to include local postgraduate scholarships for 600 Nigerian students annually.

Equally groundbreaking is the Commission’s push into digital education. In partnership with the First Lady’s Renewed Hope Initiative, the NDDC distributed 45,000 uLesson tablets to schools across the region.

Preloaded with curriculum materials, the tablets are designed to bridge gaps for students who lack access to private tutors and

Agriculture, Aquaculture, and the Future A strong advocate for agriculture, Ogbuku sees the sector as key to economic independence for the Niger Delta. He has proposed an integrated agricultural roadmap, urging the nine states to specialise in their areas of strength—cassava, rice, or maize, and complement each other. “Why must we depend on imported rice when we have the natural terrain for swamp rice?” he asks.

Aquaculture also holds promise, not just for food sufficiency but as a source of jobs and revenue. With the Niger Delta’s natural waterways, Ogbuku argues that the region could become a national hub for fish farming, reducing Nigeria’s dependence on imported fish.

Rebuilding Trust Of course, the biggest challenge remains trust. Years of mismanagement left scars, but Ogbuku insists the NDDC is turning the page. To institutionalise transparency, the Commission has engaged KPMG to design a corporate governance structure, including standard operating procedures and a code of conduct. This, he believes, will not only reassure Nigerians but also attract donor agencies and development partners.

“The public shouldn’t keep looking at the past,” he says firmly. “We are determined to build a future for the Niger Delta.”

The story continues online on www.thisdaylive.com

27

T H I S D AY • FRIday, AUGUST 22, 2025

news

Glo’s Push for Affordable, Reliable Connectivity Now Delivering Gains Across Nigeria

FormillionsofNigerians,clearercallsandfasterinternetarenolongerwishesbutdailyrealities,thankstoGlobacom’smassive investment in upgrading its network infrastructure. From farmers in Oyo State to business owners in Lagos and families in Abuja, Uzoma Mba writes that subscribers are experiencing stronger signals, smoother browsing, and reliable connectivity, proofthatthecompany’sdrivetodeliveraffordableandqualityservicesisbeginningtopayoff

Glo Customer Care representatives ensuring subscribers’ satisfaction

T

he recent system upgrade undertaken by Globacom has started yielding results as happy customers from across Nigeria express satisfaction with the enhanced quality of voice and data on the network.

Mr. Leke Okufuwa, a United Statebased entrepreneur who owns a farm at Omi Adio, near Ibadan, Oyo State, said he recently bought four Glo lines to power the close circuit television sets on his farm. “I had tried other networks but found out that Glo has the strongest data coverage around the area. I am planning to buy one terabyte of data to power the CCT round the year because I am pleased with the Glo network”, he said.

Similarly, Godwin Ogharandukun Ofeoritse, who resides at Blind Center area behind Restore Water, Ogbomoso, said having a Gloworld in Ogbomoso has made its services more accessible even as the network has greatly improved in recent time.

“Voice calls are now better, while data speed is faster”, he disclosed just as another subscriber, Olajire Balogun, who lives at Oke Ayo area of the ancient town also confirmed that the network is now stable and data service faster than before.

From the Federal Capital Territory, Abuja, Biodun Ibrahim who lives at Mpape, said: “Lately, I noticed a great improvement on the network.

Now, it is super good, data is fast and voice is perfect. I advise Nigerians to start using Glo network because it is the best today in terms of quality of experience on the network”.

Likewise, Esther Atanze from Asokoro, Abuja said that she recently noticed the network had improved drastically. She gave kudos to the Management of the company for paying attention to the network needs of its subscribers. Mary John from Kubwa also noted that Glo has always been her main line. “Recently, I noticed that the network has greatly improved; I no longer have complaints from my friends and family when we call one another. And even browsing

has become very smooth. I make video calls and it goes smoothly too. Keep up the good job, Glo,” she said.

The story is not different in Benin, Edo State where the trio of Emmanuel Omondiale from Airport Road,Patrick Osayimwe who resides at 2nd Ugbor GRA and Umelo Iyobosa from Sapele Road all agreed that the Glo network had received a noticeable boost that has increased their satisfaction on voice and data services. Mr. Paul Ije from Abuloma, Port Harcourt, Rivers State said, “The Glo network has really improved.

The signal strength is noticeably stronger, allowing me to stay connected without frustrating interruptions. Call quality has also improved significantly, with clearer conversations and far fewer dropped calls. Additionally, the internet speed is better than ever, making browsing, streaming, and downloading smooth and quick”.

Lagos customers also confirm the service improvement Stephanie Ifeatu, a resident of Costain in Lago Mainland relies on Glo for her everyday communication needs and her experience has been nothing short of impressive.

“I’ve enjoyed using the network for both calls and browsing,” she shared. According to her, the quality of service on both voice calls and data has remained consistently reliable throughout her time on the network.

Mr. Sani Sunday, a resident of Lagos Island remains a satisfied customer, describing the service as dependable for both calls and internet use.

“I use Glo every day on my phone and it works very well for calls,” he said, rating the network’s stability 10 out of 10.

He also commended the improvement in internet speed, and affirmed that Glo has

become his preferred network for browsing.

For Mr. James Aondofa, who also resides in Victoria Island, staying connected has never been easier thanks to a decade-long relationship with Globacom that continues to exceed expectations.

Having been on the Glo network for over 10 years, Mr. Aaondofa recently completed a SIM swap (welcome back) process, which, according to him, significantly improved his experience. “Since I did a welcome back on my line, I’ve enjoyed lower call rates, and that has made me love making calls even more,” he said.

Speaking on the network’s stability, Mr. Aondofa had high praise for Glo’s performance. “For calls, it’s perfect. For browsing, it has been excellent, I really enjoy it,” he remarked.

He further highlighted Glo’s wide coverage and dependable service, stating, “Glo is truly everywhere you go. I’ve used almost every network in Nigeria, but after being let down by others, I moved all my internet services to Glo. It’s been excellent since then.”

These customers’ experiences reflect the increasing satisfaction of Glo users nationwide, as the company continues to invest in infrastructure upgrade and network improvements to deliver quality and affordable services to its subscribers.

Globacom has continued to carry out network improvement projects aimed at enhancing customer experience across the country.

This will ensure that subscribers continue to get value for money especially with the recent tariff increment approved by regulatory authorities. The network upgrade involves the deployment of new base stations to cover new locations and densification to improve coverage in areas with

growing population to guarantee excellent network quality for both voice and data services all over the country.

Globacom is also relocating its fibre infrastructure in several locations where road constructions across the country have had an impact on network quality.

The locations include Auchi-Okene, Benin-Ekpoma, Lafia-Akwanga, MinnaAbuja, and Funtua-Gusau.

The company is doing this at a huge cost in order to bring best-in-class services to customers, as many of its fibre infrastructure had been breached and vandalized in several places by uncoordinated road construction activities.

The exercises point to brighter days for Glo customers as it is also about to complete the deployment of several hundreds of new sites across Nigeria.

That aside, the network has this year alone deployed thousands of 4G LTE sites across key cities and locations across the country, while 150 new ones are being deployed currently to scale up the number.

To complement this, there has also been a massive upgrade of the backhaul capacity in terms of microwave and fibre, as well as a well-planned improvement in the core network, which is going on seamlessly.

The ongoing efforts will lead to enhanced service delivery, superior network quality, and expanded coverage.

Additionally, customers can expect faster data speeds and improved overall network performance.

Globacom also plans to add over a thousand new sites over the next one year as well as more LTE sites to the existing ones to deepen data reach.

It is also focused on extending fibre to many of its hub sites for greater reliability and a more robust service delivery.

The company is also focused on minimizing carbon emission in its operation with an increasing expansion of hybrid power, relying more on battery power than the use of generators across its sites nationwide. This comes at a great investment cost too.

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T H I S D AY • FRIday, AUGUST 22, 2025

business/MOnEYGUIDE

FCMB, Dutch Development Unveil N20m AgriTech Investment Readiness Programme Kayode Tokede

In a bid to foster innovation and sustainability in agriculture, First City Monument Bank (FCMB) and the Dutch Entrepreneurial Development Bank (FMO) have announced the launch of N20 million AgriTech Investment Readiness Programme for 2025.

This initiative aspires to identify, support, and finance Nigeria’s most promising agritech startups and Small- to Medium-sized Enterprises (SMEs).

In collaboration with Heave Ventures, the programme is designed to enhance access to capital while fostering the scalability

of innovative agritech businesses. It will feature a competitive grant prize pool of N20 million, awarded to ventures recognised as best positioned for investment.

Commenting, Divisional Head of Agribusiness & Non-Oil Exports at First City Monument Bank, Mr. Kudzai Gumunyu in a statement said, “This programme is more than providing traditional funding; it is a commitment to nurturing and empowering agritech startups to contribute to the agribusiness landscape and unlock its full potential. It reflects our mission to drive inclusive and sustainable growth through an Africanrooted ecosystem that connects people, capital and

markets. This initiative will help nurture and prepare these startups for investment opportunities, enhancing their potential to contribute to the agritech landscape in Nigeria.”

On his part, the CEO of Heave Ventures, Abiodun Lawal, expressed his thoughts on the programme’s impact, stating, “Scaling agribusiness innovation has the potential to revitalise entire value chains — from production to processing to export — creating millions of decent jobs, boosting foreign exchange earnings, and positioning Africa not merely as a consumer but as a vital global food and agricultural technology supplier.

New Leadership of Royal Exchange Uutlines Growth Plan, Share Price Rises The new management of Royal Exchange Plc, a leading asset management company in Nigeria, has reiterated its determination to transform the organization into a world class business leveraging on the trust it has built in the market over the decades.

The assurance comes on the heels of the recent appointment of Mrs. Idu Okeahialam, a veteran of the financial services industry, as the Group Managing Director (GMD) of the Holding Company.

Her appointment and the ongoing restructuring of the group is expected to bring fresh perspectives and

expertise, driving growth and innovation within the company in line with the mission to evolve as one of the leading financial services firms in Nigeria and beyond.

The new vision will entail a strategic restructuring of operations while a comprehensive and integrated rebranding project would also be undertaken in due course.

This drive will be further boosted by the remarkable growth of the company’s share price which increased from N0.64 in May to N2.26 in August, a leap that reflects investor confidence following strong financial performance

and effective management.

Idu outlined some of the plans in the works and in progress to include technological upgrades, human capital development, risk management, product development and enhancement and diversification, among others.

She said: With the new leadership appointment and strong share price performance, Royal Exchange PLC is well-positioned for continued success and growth. Royal exchange Plc’s commitment to excellence and customer satisfaction remains unwavering.”

Pepsico, DP World, WaterAid Expand Wash Programmes in Nigeria Kayode Tokede

PepsiCo and DP World, have announced the expansion of their partnership with WaterAid in Nigeria to drive inclusive, sustainable value for the communities they serve.

As part of this expanded partnership, DP World, PepsiCo and WaterAid will launch a climate-resilient water, sanitation, and hygiene (WASH) programme in Lagos, aimed at improving living conditions for more

than 6,500 people in underserved communities.

Delivering his keynote address, the Coordinating Minister of the Economy and Minister of Finance, Wale Edun said, “Today’s partnership between PepsiCo and DP World is a renewal of shared commitments and a powerful signal of Nigeria’s future in manufacturing and logistics.

By sourcing raw materials domestically and strengthening supply chains, this collaboration not only

supports local industries but also positions Nigeria as a hub with long-term export potential.”

In his speech delivered by Commissioner of Commerce, Cooperatives, Trade and Investment - Folashade Ambrose-Medebem, Governor Babajide SanwoOlu, stated, “This partnership between PepsiCo and DP World is a powerful example of what true collaboration can achieve - global expertise aligning with local opportunity.

LAPO MfB Introduces EduFinance Loans to Boost Access to Education Sunday Ehigiator

LAPO Microfinance Bank has announced the expansion of its EduFinance Loan Products aimed at supporting affordable education for low-income families and proprietors of low-cost private schools across Nigeria.

In a statement signed

by the Director of Marketing and Corporate Communication, Oluremi Akande, the bank said the products, School Improvement Loans for school proprietors and School Fees Loans for parents, were designed to address financial barriers that keep millions of Nigerian children out of school.

“According to UNESCO, Nigeria has over 20 million out-of-school children, the highest in the world.

LAPO noted that while low-cost private schools provide alternatives in underserved communities, they remain chronically underfunded, with many operating under infrastructural and resource deficits.

L-R: Regional Director, Society of Petroleum Engineers (SPE )Africa, Dr. Riverson Oppong; CEO, Kenyon International, Dr. Victor Ekpenyong; and President, Society of Petroleum Engineers International (SPEI), Olivier Houzé, at the SPE NAICE Conference 2025 in Lagos ...recently.

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) NOVEMBER

Month

Money Supply (M3)

108,966,480.44

-- CBN Bills Held by Money Holding Sectors

19,796.18

Money Supply (M2)

108,946,684.26

Quasi Money

72,672,756.90

-- Narrow Money (M1)

36,273,927.36

---- Currency Outside Banks

4,652,527.74

---- Demand Deposits

31,621,399.62

Net Foreign Assets (NFA)

17,347,112.78

Net Domestic Assets(NDA)

91,619,367.66

-- Net Domestic Credit (NDC)

115,576,757.67

---- Credit to Government (Net)

39,616,629.91

---- Memo: Credit to Govt. (Net) less FMA

0.00

---- Memo: Fed. and Mirror Accounts (FMA)

0.00

---- Credit to Private Sector (CPS)

75,960,127.77

--Other Assets Net

12,147,461.96

Reserve Money (Base Money)

30,871,571.25

--Currency in Circulation

4,878,125.22

--Banks Reserves

25,993,446.02

--Special Intervention Reserves

278,860.37 • Source - CBN

Money Market Indicators (in Percentage) Month

November

Inter-Bank Call Rate

28.88

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

27.50

Treasury Bill Rate

18.00

Savings Deposit Rate

6.56

1 Month Deposit Rate

8.48

3 Months Deposit Rate

9.53

6 Months Deposit Rate

12.13

12 Months Deposit Rate

14.22

Prime Lending rate

18.39

Maximum Lending Rate

31.06

NSE

NSE MARKET INDEX % Change

CAP

0.75%(52%YoY)

Index

0.9% (29%Y/D) • Monetary Policy Rate - 27.50%

OPEC DAILY BASKET PRICE As At 6TH JANUARY , 2025

The price of OPEC basket of twelve crudes stood at $76.18 a barrel on Monday, compared with $75.89 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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T H I S D AY • FRIday, AUGUST 22, 2025

mARKET NEWS

Stock Market Sustains Profit-taking Momentum, Drops by N781bn Kayode Tokede

The Nigerian stock market yesterday continued its decline with a loss of N781 billion, driven by sustained sell-offs that negatively impacted performance.

The Nigerian Exchange Limited All-Share Index

(NGX ASI) declined by 1,233.basis points or 0.87 per cent, to close at 140,332.44 basis points with the Month-to-Date and Year-to-Date returns settled at +0.3per cent and +36.4per cent, respectively.

Also, the overall market capitalisation value lost N781 billion

P R I C E S MaiN Board

to close at N88.784 trillion.

Market sentiment remained weak, with a negative breadth as 45 stocks declined compared to 16 gainers. Jaiz Bank recorded the highest price gain of 9.75 per cent to close at N4.39, per share. Secure Electronic Technology followed with

F O R

S E C U R I T I E S

DEALS

Market Price

quantity traded

a gain of 9.38 per cent to close at N1.05, while Omate Venture rose by 5.88 per cent to close at N1.44, per share.

Chams Holding Company appreciated by 5.00 per cent to close at N2.73, while Custodian Investment rose by 4.86 per cent to close at N39.90, per share.

T R A D E D

value traded ( N )

MaiN Board

A S O F

On the other hand, International Energy Insurance, Thomas Wyatt Nigeria, Veritas Kapital Assurance and University Press led the losers’ chart by 10 per cent each to close at N3.24, N3.33, N1.80 and N6.30 respectively, per share.

BUA Cement followed

with a decline of 9.96 per cent to close at N151.80, while Julius Berger declined by 9.96 per cent to close at N132.90, per share.

The total volume of trade decreased by 64.44 per cent to 573.750 million units, valued at N12.877 billion, and exchanged in 25,881 deals.

AU G U ST / 2 1 / 2 5 DEALS

Market Price

quantity traded

value traded ( N)

30

FRIDAY AUGUST 22, 2025 • T H I S D AY

T H I S D AY • FRIDAY, AUGUST 22, 2025

31

FACTFILE The Enemy Within: Why Bayo Ojulari Must Not Sleep With Both Eyes Shut with Lanre Alfred

…truth behind the headlines, conspiracies, cover-ups, trials and triumphs

Y

es, NNPCL chief’s greatest danger lies within his own camp. The most dangerous wars in Nigeria are not waged in Sambisa’s forests or the creeks of the Niger Delta.

They are choreographed under the chandeliers of Maitama lounges, uttered over champagne glasses in Asokoro drawing rooms, and sealed in the sterile air of Abuja boardrooms. The enemies are seldom outsiders; they are insiders, those who call you sir in daylight and sharpen daggers for your back by night.

This reality shadows Engr. Bayo Ojulari, Managing Director of the Nigerian National Petroleum Company Limited (NNPCL). He believes, or so his confidants murmur, that the storm which once threatened to consume him has passed. He imagines that silence in the rumour mills is proof that his traducers have retreated. But he is wrong. The storm has not dispersed; it has merely gone underground, waiting to erupt with greater devastation.

If Ojulari thinks his survival through one round of intrigue is final victory, then he is already deceiving himself.

Abuja does not forget; it merely bides its time. Those who once sought his head have neither grown weary nor repentant. Instead, they have regrouped, reorganised, and refined their arsenal.

Indeed, Abuja’s storms never end; they only go quiet before striking harder.

This time, their conspiracy is not noisy but surgical. Documents are being dusted, dossiers thick with allegations, some exaggerated, others fabricated, are being prepared for release.

Whispers speak of memos that will leak to the press, rumours polished until they glitter like fact, and dossiers designed to pierce through even the most formidable shield of reputation.

What makes this more perilous is not Bayo Ojulari the cabal outside but the betrayal inside. presence but feed his enemies beyond Sources point to a certain high-ranking the walls. His danger is not that enemies member of Ojulari’s own management lurk in the shadows; it is that they sit team, a man who shares meetings with beside him, pen in hand, ready to sign him, who greets him with practised his dismissal with the ink of betrayal. deference, and yet is allegedly the lead It is in the cocktail circuits of Maitama conspirator. This insider, feeding external and Wuse II lounges that Ojulari’s fate traducers with sensitive documents is being sealed. Over clinking glasses and confidential whispers, has become and perfumed laughter, the conspirators the mole, the Judas at the Last Supper spread their gospel recently: “Ojulari of corporate power. does not know what is coming.” A Here lies the cruel irony of power: prominent senator reportedly stated, the most dangerous enemy is never drawing chuckles of conspiratorial the one at the gate but the one at your delight from his audience and fellow table. Outside foes may attack, but masterminds. This was reportedly it is insiders who devastate. Abuja’s uttered as a joke during a soiree at history is thick with such tragedies. an exclusive hotel in Abuja, but jokes Consider the parastatal head who, are never just jokes; they are coded believing his enemies vanquished, memos, veiled threats, and rehearsals threw a victory party at the Hilton. for the headlines of tomorrow, argued Months later, it was revealed that the pundits. man who raised his glass in loyal Abuja thrives on perception. There, toast that night was the same who rumour is not idle talk; it is a weapon. authored the petition that ended his A story murmured in a Maitama career. Such is the treachery of Abuja, lounge by evening can blaze across where betrayal is not vice but currency, Lagos newspapers by dawn. By the not weakness but a survival strategy. time Ojulari hears the narrative, it may For Ojulari, this truth is not abstract, already be embalmed as fact in the it is immediate. He is surrounded not public imagination. merely by colleagues but by frenemies; There is no gainsaying that the men and women who smile in his

recent onslaught against Ojulari is a confirmation that the cabal is fighting back. And the reason is not far-fetched.

Nigeria’s oil and gas industry is no playground for the faint-hearted. It is a battlefield where entrenched interests, those who have lined their pockets from opaque contracts and shadowy dealings for decades, fight like wounded beasts when threatened.

Ojulari, by merely being himself, has become a roadblock. His tenure has unsettled delicate arrangements of influence, the subtle networks of favours and rents that have nourished certain pockets for generations. For these interests, his removal is not a matter of spite but of survival. And survival, in their playbook, permits every weapon.

But their game has taken on a darker twist: speculation mounts that if Ojulari has soiled his hands, even slightly, then his fate is already sealed. In Abuja, a single nail is enough to build a coffin. One overlooked misstep, one questionable contract, one misplaced signature, and his enemies will weaponise it into a narrative too damning to ignore.

The story of Abuja is the story of

fragile power. Today, you are celebrated on front pages, garlanded with glowing press releases and sycophantic praise.

Tomorrow, you are the subject of leaked dossiers, your name dragged through WhatsApp groups, and your allies deserting you one by one. Ask Ojulari.

Recall the tale of a former minister once hailed as “the star boy” of his administration. One morning, he was the darling of the president; by evening, he was abandoned to the wolves, betrayed by those he thought loyal. Abuja does not deal in permanent friends, it deals only in permanent interests.

This is the peril that looms over Ojulari. To imagine that his enemies have surrendered is to forget the unwritten constitution of Nigerian politics: that storms do not die, they only wait.

If Ojulari must survive the next wave of attacks, three imperatives lie before him, according to pundits.

First, he must tighten his house.

Loyalty audits are not paranoia; they are survival. He must know his team afresh, sift allies from opportunists, and expose the moles feeding his traducers.

No empire falls because of enemies at the gate; it falls because the emperor trusted the wrong man at the wrong time.

Second, he must embrace transparency as his armour. Every rumour must be countered swiftly with facts. Delay is fatal. Abuja’s gossip economy thrives on silence, and silence is easily weaponised.

He must not allow perception to ossify into “truth.” In this city, narratives are currency; he must mint his before his enemies mint theirs.

Third, he must anchor his relevance to President Bola Ahmed Tinubu’s economic vision. In Abuja, innocence is not enough, relevance is everything. If the President sees him as indispensable to oil and gas reforms, then the cabal’s darts may bruise but they will not bury.

But if his relevance fades, no shield of innocence will save him.

The lesson for Ojulari is not new; it is subsists in the fate of every fallen technocrat. History remembers the parastatal head betrayed by his deputy, the minister destroyed by his press secretary, the governor undone by his own chief of staff.

These stories repeat themselves because power blinds its custodians to a simple truth: the enemy within is always more dangerous than the enemy outside. Outside foes can only threaten; inside foes devastate.

For Ojulari, the lesson is urgent: the storm is not over. It has only gone quiet, and quiet storms are the deadliest.

The corridors of Abuja are not corridors of trust but of survival. In these marble halls, loyalty is fragile, friendship is negotiable, and betrayal is often the price of dinner.

If Bayo Ojulari imagines that his traducers have abandoned the hunt, he courts disaster. The cabal has not gone to sleep; it has only sharpened its knives. His enemies are no longer outside the gate; they are inside his team, planning, plotting, and preparing dossiers that could unseat him.

32

FRIDAY, AUGUST 22, 2025 • THISDAY

NEWS

SUPPORT FOR GOOD ENGINEERING...

L-R: Former President Olusegun Obasanjo; and President of the Nigerian Society of Engineers, Engr. Margaret Aina Oguntala, during her one-day official visit to the Abeokuta Branch of the Society... recently

NNPC Releases Operations Data for July, Says Remittances to Federation Hit N7.96tn in 6 Months Profit declines from N905bn to N185bn in one month

Emmanuel Addeh in Abuja The Nigerian National Petroleum Company Limited (NNPC) yesterday released its Monthly Report Summary

for July 2025, disclosing that statutory remittances to the Federation Account from January to June reached N7.965 trillion.

Although the NNPC did not

specifically state how much it remitted to the federation account in July, it pointed out that its revenue for last month was N4.4 trillion, while Profit After Tax (PAT) stood at N185

billion.

In contrast, a profit after tax of N905 billion was recorded for its June operations, which was at the time, a drop from the N1.054 trillion recorded in

Southeast Now Receives Priority Attention from FG, Says Idris Abia stakeholders urge action on insecurity

Emmanuel Ugwu-Nwogo in Umuahia

Minister of Information and National Orientation, Mohammed Idris has said that the era of perceived marginalisation of the Southeast zone has gone following the inception of the administration of President Bola Ahmed Tinubu.

He stated this Thursday in Umuahia at a forum to showcase the midterm report of Tinubu’s government, saying that in his policies, programmes and distribution of projects “The South East is no longer an afterthought but a priority now,” he said, adding that this new development was made possible with the Renewed Hope Agenda (RHA) of Mr. President.

Idris, who was represented by the Head of Centre, Federal Information Centre, Umuahia, Mrs. Gloria Ify Abiakam, noted that under the RHA, “several critical sectors are receiving

attention long overdue”.

According to him, “The commendable efforts and achievements of the administration of President Tinubu has impacted on Abia and Southeast in general.

He said: “In the area of agriculture, the establishment of the cassava, bio-ethanol project in Enugu is a bold step towards food security and job security.

“This project holds promising opportunities not only for our farmers but for the entire agro-processing value chain that many Abians will benefit from directly or indirectly”.

The minister listed other initiates of the FG that have benefitted Abia, including the youth agricultural support programme of Nigeria’s First Lady, Senator Remi Tinubu, implemented in Abia through wife of the Governor, Mrs. Priscilla Otti.

He said that Abians should avail themselves of FG’s interventions such as

students loans, SME grants, cash aids for poor of the poor households, Skill-Up Artisans Programme (SUPA), National Youth Talent Export, Digital and Creative Enterprises (DCE), among others.

Idris also reminded Ndi Abia that the Tinubu administration was addressing the infrastructural needs of the South-East zone, citing

the ongoing reconstruction of the “regional assets” for connectivity, including EnuguPort Harcourt express way, Enugu-Onitsha express way.

“As people known for industry, enterprise, and resilience, let us take full advantage of these initiatives,” he said, urging people to support every effort that brings development closer to our communities”.

the previous month of May. It’s unclear what was responsible for this sharp drop.

The NNPC total revenue of N4.4 trillion for July released last night was also a fall from the revenue of N4.571 trillion recorded in June and also down from the N6.008 trillion earnings which it made in the May 2025 reporting circle.

However, the report showed that Nigeria’s crude oil and condensate output continued to recover, reaching 1.70 million barrels per day in July, about the highest level recorded in 2025.

Crude oil accounted for 1.4 million bpd of this production figure during the month under consideration, while condensate contributed 290,000 bpd, representing a steady improvement from June’s 1.68 million bpd and January’s 1.67 million bpd.

Besides, the national oil company recorded a strong performance in natural gas

production, which averaged 7.72 billion standard cubic feet per day (bscf/d) in July,the highest so far this year, from 6.615 billion BSF per day in February.

In the same vein, gas sales climbed, reaching 4.978 bscf/d in July, an increase from 4.74 bscf/d in June and 4.70 bscf/d in May as well as 3.545 bscf/d in in February, the lowest this year so far.

The report noted that increased gas volumes were boosted by progress on critical infrastructure projects, including the Obiafu-Obrikom-Oben (OB3) Gas Pipeline and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline.

On its strategic efforts, NNPC stated that it sustained crude oil and condensate production, improved uptime of production facilities and continued stakeholders’ collaboration and operational efficiency.

In Personal Letter to Gombe Govt, Bill Gates Applauds State’s Innovative Health Sector Reforms

Segun Awofadeji in Gombe

addressed through the Executive Secretary of the Gombe State Contributory Global philanthropist and Healthcare Management Chair of the Gates Foun- Agency and the Chief dation, Mr. Bill Gates, has Executive of Human Capital lauded Gombe State for its Managers Nigeria Limited, groundbreaking reforms in Mr. Gates expressed deep the health sector, describing appreciation for the state’s the state’s approach as innovative leadership and inspiring and results-driven. commitment to improving In a personal letter to health outcomes for its the state government, citizens.

“I was impressed by Gombe’s problem-solving mindset and commitment to achieving results,” Gates wrote following a recent high-level meeting in Abuja.

He specifically noted the state’s emphasis on stakeholder engagement and strategic governance as foundational to its success.

This is contained in a press release issued by Ismaila

Uba Misilli, Director-General (Press Affairs), Government House, Gombe, which was made available to journalists Thursday in Gombe.

According to him, the health sector transformation in Gombe State is a clear example of how visionary leadership can deliver measurable impact through thoughtful planning and technical execution.

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THISDAY • FRIDAY, AUGUST 22, 2025

NEWS

GRAND UNVEILING OF HOTEL PRESIDENTIAL, ENUGU...

Governor of Enugu State, Dr. Peter Mbah, acknowledges cheers from celebrating crowd during the unveiling of the long-moribund, but now reconstructed iconic state-owned Hotel Presidential, Enugu (behind), by the governor ... yesterday

Dangote Defends His Firms Against Alleged Monopoly of Nigeria’s Business Environment Says Africa must not be allowed to become dumping ground Insists he made his money devoid of govt patronage

Emmanuel Addeh in Abuja The President of Dangote Industries Limited (DIL), Aliko Dangote, has defended his many companies against alleged plans to monopolise the sectors they have interests in Nigeria, insisting that Africa must not be allowed to become a dumping ground for foreign products.

For years, the Dangote Group, has faced allegations of trying to dominate Nigeria’s industrial base unfairly and shutting out competition, insinuations that have intensified since his $20 billion giant oil refinery began operation.

Dangote, however, has strongly rejected the claims, insisting that he has never stopped anyone from entering the same line of business and that his investments were not backed by government incentives.

But in a feature article by Bloomberg, it alleged that some of Dangote’s greatest business successes have

come in industries where the government bans or limits imports, including sugar and cement.

It recalled that in 2007 then-US Consul General Brian Browne noted criticism about Dangote’s business practices, according to a private cable published by WikiLeaks. “To detractors, he is a predator using connections in a corrupt political economy to tilt the playing field in his favour and sideline potential competition,” Browne wrote.

“It is no ¬coincidence that many products on Nigeria’s import ban lists are items in which Dangote has major interests,” Browne noted.

However, Dangote said that Browne, whom he holds in high regard, was mistaken; as imports of products he sold weren’t banned at the time.

Dangote argued that he has simply taken advantage of opportunities on which others have failed to capitalise. “If you are going to call first movers into business monopolists, then you will never establish

a manufacturing base,” he said, adding “Or you’ll never establish anything that you call a country.”

Somehow, Dangote continued to regret the stress he had to undergo to finally get his refinery working, insisting that if he saw the future, he wouldn’t have attempted to start the project.

Further complicating the

also distributed vital medical aids to persons living with The Nigerian Air Force disabilities.

He noted the free medi(NAF), in collaboration with Nwagwu’s Health cal outreach demonstrated Initiative, has offered 846 free the NAF’s commitment to life-changing surgeries and Civil–Military Relations 11,231 consultations during (CMR).

Speaking on the initiative, a comprehensive medical outreach in Mbaise and its the Chief of the Air Staff (CAS), Air Marshal Hasan environs, in Imo State.

A statement by the Direc- Bala Abubakar, stated that tor of Public Relations and the programme was an Information, Nigerian Air integral part of the NAF’s Force, Air Commodore Civil–Military Cooperation Ehimen Ejodame, revealed strategy aimed at winning the combined medical team the hearts and minds of

boreholes, it added.

“Right from the beginning of building the refinery, we realised that nobody can provide us with any service,” Dangote said. “You have to provide almost everything by yourself.” But even he isn’t sure it was worth it. “If I knew what I was going to go through, I wouldn’t have tried it,” said the 68-year-old

business magnate.

According to the Bloomberg Billionaires Index, Dangote’s net worth has surged by about $1 billion over the past three months, to $28 billion, as the refinery has ramped up. On the strength of his plant, Nigeria has become a net exporter of petroleum products for the first time in three decades.

MTN Hosts NSACC Leadership, Reaffirms Commitment as Chamber Celebrates 25th Anniversary Emma Okonji MTN Nigeria has stressed the need for deeper collaboration between it and the NigeriaSouth Africa Chamber of Commerce (NSACC), insisting that such collaboration will further strengthen bilateral business relations between Nigeria and South Africa.

MTN Nigeria said this when it welcomed the leadership of NSACC on a courtesy visit

NAF, CSO Offer 846 Free Surgeries, 11,231 Consultations to Indigent Patients in Imo Linus Aleke in Abuja

project, Nigeria provides its citizens with few services, the report said, stating that both rich and poor are left to fend for themselves.

Petrol and diesel generators provide much of the power consumed in the country because of perennial outages, and the skylines of big cities are littered with tanks holding water from privately dug

citizens.

He said, “Beyond our core mandate of defending Nigeria’s territorial integrity, the Nigerian Air Force is committed to alleviating the suffering of our people, particularly in remote communities. This outreach is a testament to our philosophy of putting people first, while also bridging the gap between the military and the civilian population.

“The scope of the intervention was extensive, cutting across specialised fields.

to its headquarters in Lagos recently.

The engagement marked a renewed commitment to the long-standing partnership between the two entities and set the tone for deeper collaboration ahead of the Chamber’s 25th anniversary celebrations.

NSACC delegation was led by its Chairman, Dr. Ije Jidenma, accompanied by its Vice Chairman, Mr. Ajibola Olomola and other members of the Board and Exco. The visit served as an opportunity to acknowledge MTN’s consistent contributions to strengthening

bilateral business relations between Nigeria and South Africa, as well as its impactful presence on the continent.

Speaking during the visit, CEO of MTN Nigeria, Dr. Karl Olutokun Toriola, expressed appreciation for the chamber’s activities, highlighting the NSACC’s role as a key partner in fostering cross-border trade and investment.

“At MTN, partnerships like this are vital to our goal of advancing inclusive, sustainable growth across Africa. The NSACC has created a strong platform for advocacy, networking, and trade facilitation, and

we are proud to walk this path together,” Toriola said.

In her remarks, Jidenma praised MTN’s journey and leadership in key areas.

“We have seen MTN grow, develop, and transform not only in Nigeria but across the continent. We commend your recent $120 million investment in the MTN Data Centre, a bold move towards strengthening Nigeria’s digital infrastructure.

Your leadership in financial inclusion through mobile money initiatives (MoMo PSB) further cements your place as a continental pacesetter,” Jidenma said.

Edo Govt Seals Cult Leaders’ House as Clash Claims One Life

Adibe Emenyonu in Benin City

A cult clash between Eiye and Maphite confraternity in Evboyare Community in Uhunmwode Local Government, Edo State, has left one person identified as Festus dead.

This was disclosed on Thursday by the Coordinator of the Edo State Government’s

Special Security Squad, Idemudia Noah, in a statement by the Chief Press Secretary to Governor Monday Okpebholo, Fred Itua.

Noah described the scene of the clash as bloody while revealing that the residence of the alleged Maphite leader, Felix Aigbedion, was sealed after intelligence linked him to the crisis.

He said that Aigbedion has been declared wanted and is believed to have masterminded the assault during a community dispute that spiraled into cult violence.

The coordinator said that by the time operatives arrived in Evboyare, the community was deserted as homes, vehicles, and personal property bore the marks of destruction.

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FRIDAY, AUGUST 22, 2025 • THISDAY

NEWS

JOSEPH IKPEA DISPLAYS HIS CERTIFICATE OF RETURN...

Senator-Elect Mr. Joseph Ikpea representing Edo Central displays his certificate of return at INEC Headquarters, Abuja, on Thursday while Senator representing Edo South Senator Neda Imasuen and INEC National Commissioner Prof. Rhoda Gumus look on.

Tinubu to Nigerians in Japan: Don’t Stay Away from Home, Contribute Your Quota Says nation on the rise again with economy taking proper shape

Deji Elumoye in Abuja

President Bola Tinubu, yesterday, charged Nigerians in the Diaspora not to stay away from home, but also contribute their expertise and resources towards consolidating national develop-

ment and building a stronger and more prosperous country.

The president made the call at Kahala Hotel and Resort, Yokohama, Japan, during an interactive session with select members of the Nigerian community on the sidelines of the

ongoing Tokyo International Conference on African Development (TICAD9).

He declared: “I’m happy to report that many of our people are returning home. Yes, for economic reasons, some people might decide to stay away;

it’s a fundamental right of the individual.

“But for the economic growth and opportunity available in Nigeria, don’t stay away. Your contribution is very much needed. If you stay away, who will build it?”

PENGASSAN Calls for Policy Stability in Petroleum Sector Minister, NNPCL pledge to ensure refineries comes on stream

Onyebuchi Ezigbo in Abuja

As part of strategies to actualise Nigeria’s vision of exponentially increasing her crude oil production volume, the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has urged the federal government to maintain a clear-cut, stable policy devoid of frequent changes and reversals.

The union’s advice came as the Minister of State for Petroleum, Senator Heineken Lokpobiri and the Group Chief Executive Officer of the Nigerian National Petroleum Corporation (NNPC Limited),

Engr. Bayo Ojulari, expressed government’s commitment to increasing the country’s crude oil production and sustaining operations of local refineries PENGASAN President, Festus Osifo, who addressed participants at the opening of the fourth edition of PENGASSAN Energy and Labour Summit stated that investors need certainty for medium to long term planning.

On achieving incremental production and incentivising investment, Osifo said there was need to ensure consistency and stability in government’s policies in oil and gas sector.

According to Osifo, frequent

policy summersaults and changes to laws does not make for stability, “rather, it’s a disincentive to investment”.

Lokpobiri, who spoke on federal government’s efforts to stabilise production in the oil and gas sectors, said a lot policy initiatives have been introduced which has resulted in the present growth being witnessed in the industry.

He further said the federal government was committed to ensuring zero tolerance for health and safety violations in the oil and gas operations.

According to him, Nigeria was experiencing a growth trajectory in the oil and gas industry.

The Benue State Governor, Hyacinth Alia, has appreciated the Inspector General of Police, Kayode Egbetokun, for the approval of two (2) new Area Commands and the upgrade of five (5) police stations to Divisions in the state.

The governor, who made this known in a press state-

Tinubu expressed delight at meeting those he described as a vibrant representation of Nigeria’s diversity, assuring the Diaspora community that his government was determined to make the country conducive for all citizens.

The president invited the Minister of State for Industry, Senator John Enoh, and the Executive Vice Chairman of NASENI, Khalil Suleiman Halilu, to speak on the government’s programmes and achievements.

The president’s nephew, Wale Tinubu, provided insight into how the government’s reforms had impacted the economy positively by making businesses more competitive, attracting investment, and expanding the stock market.

Tinubu said Nigeria was on the rise again under his leadership. He reiterated that leadership was about “thinking and doing” — blending visionary ideas with practical actions to drive stability, unity, and growth.

Mbah Unveils Reconstructed Hotel Presidential, Enugu, Extols Okpara’s Vision

protect investments, private capital follows. That is why you see momentum across other moribund assets like UPPL, Sunrise Flour Mill, Nigergas; International Conference Centre, and a host of others.”

He thanked the managers and concessionaire of the ment by his media aide, Naka Area Command, along- reconstructed hotel, Amber Kula Tersoo, described the side the upgrading of police Hospitality, for believing in strategic development as stations in Ayilamo, Yelwata, Enugu’s potential, saying, “They a crucial step that would Jato-Aka, Okokolo, and Agan bring on board an enviable earned through the further strengthen the security to Divisions, depicted the fed- pedigree, efficient management architecture of the state, bridge eral government’s recognition 12 successful brandsofinabout the existing policing gaps, and of Benue’s peculiar security hospitality sector.” enhance quicker response to challenges, especially those He equally commended the security challenges, especially relating to armed herder’s contractors – Dilworth – for their in flashpoints of insecurity terror activities wrapped in attention to detail as well as perpetual invasion of com- the successive Commissioners in the state.

He noted that the creation munities and other communal for Works and Infrastructure of Daudu Area Command and tensions in the state. and their Culture and Tourism

Governor Alia Expresses Gratitude to IG for Reinforcing Police Formation in Benue State George Okoh in Makurdi

He said Nigeria presently produces about 1.8 million barrels of oil per day, adding that the target was to exceed two million barrels per day, thereby exceeding the OPEC quota.

Lokpobiri also said because of the critical position of oil in the economy, accounting for over 90 percent, the country needs to sustain the critical manpower through training and updating of technology

Tinubu stressed that national development could not be left to the government alone; it required a shared sense of responsibility between citizens at home and those abroad.

He urged the Diaspora community to remain ambassadors of the country by projecting Nigeria positively in their engagements abroad.

“If we don’t join hands and work together, then we’ve lost the hope of being the leaders we are supposed to be,” he cautioned.

He reminded his audience that the strength of citizenship was not only in holding a Nigerian passport but in character and commitment to the nation’s progress.

The meeting, which brought together professionals and entrepreneurs across various fields, allowed the president to share his administration’s achievements and assure them of his commitment to drive economic growth. counterparts for working to realise the project.

In her address, the Commissioner for Culture and Tourism, Dame Ugochi Madueke, while extoling Mbah’s leadership, said, “The silence has been broken; the lights are on — never to dim again; the doors are open — never to shut again; and the spirit of Enugu is back, stronger and brighter than ever.”

Former Deputy Governor of Enugu State, Dr. Sunday Onyebuchi, commended the governor for his speed in not only building new things, but also reviving dead assets.

“Your mantra says that tomorrow is here, but you have resurrected yesterday today,” Onyebuchi said.

Chairman, Enugu State

Traditional Rulers Council, HRH Igwe Samuel Asadu, praised the governor’s work rate, having commissioned Enugu Air, five transport terminals, 100 CNG buses, the reconstructed Hotel Presidential in succession under one month.

Asadu stated, “If you are not tired of commissioning projects, we will not be tired of coming out. We have never seen it this way. Your leadership in Enugu State is legendary and monumental. There is no vacancy in Lion Building in 2027.”

Chairman of Enugu North Local Government Area, Dr. Ibenaku Onoh, acclaimed the governor’s transformative leadership, assuring him of the people’s continued support.

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THISDAY • FRIDAY, AUGUST 22, 2025

NEWS

BAUCHI ECONOMIC AND INVESTMENT SUMMIT ROAD SHOW...

Bauchi Secretary to the State Government, Alhaji Aminu Hammayo, speaking during the State Economic and Investment Summit Road Show at Radisson Blu, Victoria Island, Lagos, yesterday

Alaafin: I’m Not in Supremacy Battle with Any Monarch Kemi Olaitan in Ibadan

The Alaafin of Oyo, Oba Akeem Owoade, yesterday, said he was not in a supremacy battle with any monarch either in Yorubaland or anywhere in the universe.

He said this in a statement by his Director of Media and Publicity, Bode Durojaiye.

A fresh battle between Oba Owoade and the Ooni of Ife, Oba Enitan Ogunwusi, started last Monday after the Alaafin

faulted the Ooni’s decision to confer the title of Okanlomo of Odu’a on a businessman, Chief Dotun Sanusi, during an event held in Ibadan, at the weekend, giving the monarch an ultimate to revoke it.

The statement, however, explained that Alaafin was the veritable custodian of Yoruba culture and tradition, and has always taken into consideration the safety and welfare of his subjects

at all times, adding that the monarch relied heavily on the will and wishes of his subjects.

Durojaiye said Oba Owoade would never compromise tradition, culture and development of his people for a pot of porridge, stating that the monarch operated a leadership judged by its result, as prosperity, security and well-being of the people dictated his popularity, both in the palace and in the

empire at large.

“Why Alaafin does not need to get into any battle for supremacy with any Oba, either in Yorubaland or anywhere in the universe?

These immortal words of Alexander Graham Bell: The most successful men in the end are those whose success is the result of steady accretion.

“It is the man who carefully advances step by step, with his mind becoming wider

and wider, and progressively be able to grasp any theme or situation – persevering in what he knows to be practical, and concentrating his thought upon it, who is bound to succeed in the greatest degree’ sum up the life voyage of Owoade, an indomitable monarch with an unequalled passion for the great good of all.

“He (Alaafin) is a veritable custodian of Yoruba culture and tradition, and has always

taken into consideration the safety and welfare of his subjects and will never compromise tradition, culture and development of his people for a pot of porridge.

“The history has been so kind and friendly to Alaafin Owoade’s publicity since he ascended the throne of his forefathers, as he does not need to get into any battle for supremacy with any Oba, either in Yorubaland or anywhere in the universe.

Makinde: Southern PDP Leaders Have Taken Far-reaching Decision on State of Party

can give a credible alternative to Nigerians in the years ahead.”

On the zoning of offices, he said a decision on it was coming.

“It’s a next decision. This consultative meeting is not something that is statutory in the constitution of PDP. But democracy is inclusivity, reaching out and ensuring that all stakeholders are carried along, which is what we’ve done today.

“NEC is on Monday. Today is Thursday (yesterday). You will definitely have a decision. So, NEC is a proposal of Southern PDP members. Yes. These are prominent members. And, in your meeting a few hours before now, did you talk about the South producing the next presidential candidate for the party?

“We haven’t even gotten there.

We need to have a party first before you start talking about presidential candidates, you know, if we don’t have a party, anything that you’re trying to do will fall flat.

“Our efforts right now is directed towards having a viral and united PDP that Nigerians will be proud of and believe in again. I mean, that is democracy.

We will reach out to them. I can disagree with people, but

there shouldn’t be anything personal here.

“It should be about what are we giving to Nigerians because they are watching, you know.

We want to rebuild PDP. In Oyo state, they showed last Saturday that PDP is not dead.

“In most other places of the 12 states, PDP came second in each of those. It’s some indication to us that if we continue to work hard, if we continue to strive hard, if we continue to bring our people together, we’ll get to a point where Nigerians will really start listening to us.”

Other Stakeholders Disown Meeting

State Chairmen of the PDP, former governors, National Assembly members, serving and former National Working Committee members, and other stakeholders from the southern region have disowned the zonal meeting scheduled for Lagos yesterday.

The PDP leaders, while describing the meeting as illegal, they dismissed “any resolutions, communiques, or outcomes purportedly emanating” from the meeting, saying “decisions reached in secrecy and exclusion

cannot and shall not assume the authority of consensus.

The PDP chieftains made this known in a statement signed by the party chairmen of Imo, Abia, Cross River, Akwa Ibom, and Rivers, Austin Nwachukwu, Abraham Amah, Venatuis Ikem, Aniekan Akpan, and Aaron Chukwuemeka, as well as the National Vice Chairman (South-East), Chidiebere Egwu Goodluck, and Minority Leader of the House of Representatives, O. K. Chinda, among others.

“The said meeting tagged ‘a summit’ was allegedly convened in the name of the three geopolitical zones of Southern Nigeria — South East, South South, and South West.

“It is highly regrettable and indeed deeply disturbing that such a meeting was convened without the courtesy of inviting several State Chairmen from the South East and South South, as well as the duly elected National Secretary and Deputy National Legal Adviser of our great party.

“Even more troubling is the inexplicable exclusion of several national officers, eminent leaders, and critical stakeholders of the PDP. “Shockingly, the Minority

Leader in the National Assembly and other principal officers of our party from the South-South and South-East were also deliberately sidelined and denied participation in a meeting where such far-reaching and sensitive decisions on zoning, power rotation, and political equity are to be discussed.

“Equally concerning is the deliberate omission of most former governors from the South East and South South, who, by every standard of history, pedigree, and institutional memory, remain critical stakeholders in any conversation about the future direction of our party.

“Such a brazen disregard for established structures and statutory organs of the PDP not only offends the spirit of collective decision-making but also risks undermining the very foundation upon which our party was built.”

The PDP leaders, therefore, called on the National Working Committee (NWC), the National Executive Committee (NEC), and all stakeholders of the party to “disregard any outcome of the said meeting which is not only illegal but divisive.

CP-PDP Defends Meeting, States Outcome Did Not Dismiss Zoning

The Conference of Professionals in the PDP has defended leaders of the party in the south, saying they did not dismiss the Stakeholders Summit duly organised by the party’s zoning committee contrary to misleading claims by some misguided elements in the Party.

Instead, it said leaders of the party in the south not only embraced the summit but were massively in attendance for consultation with the zoning committee on the zoning of national offices ahead of the national convention scheduled to hold in Ibadan, Oyo State capital, on the 15th and 16th November, 2025.

The CP-PDP in a statement by its Chairman, Obinna Nwachukeu, said it could verify that the zoning committee led by Governor Diri duly invited and had in attendance at the meeting, relevant stakeholders from the South including the four PDP governors, Board of Trustees (BoT) members, the three National Vice Chair-

men from the South, serving senators, serving members of the House of Representatives, State Chairmen, former governors and all members of the Zoning Committee from the South for consultation in line with the mandate assigned to the Committee by the party’s NEC. ‘’Any resolution or recommendation reached at the summit would therefore be valid, authentic and recognised by the party. ‘’It is thus imprudent and highly irresponsible for some individuals to attempt to discredit the valid and lawful activity of a body duly constituted by the NEC by attempting to mislead the public and members of our great party by claiming that the PDP leaders of the South are averse to the summit and that the summit was shrouded in secrecy. ‘’Information available to the Conference reveal that these misguided individuals are being teleguided and sponsored by a prominent Minister in the All Progressives Congress (APC) administration who has not hidden his intention to scuttle the scheduled National Convention of the PDP.”

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FRIDAY, AUGUST 22, 2025 • THISDAY

NEWS

8TH ANNIVERSARY OF THE WOMAN LEADERSHIP INSTITUTE AND NETWORKING...

L-R: Ambassador Nikky Onyeri; Chair, Women Affairs Committee in the 10th Assembly, Honourable Kafilat Ogbara; Former House of Representatives member, Honourable Beni Lar; and National President, Igbo Woman, Dr. Nnkan Obenwa, during the 8th Anniversary of the Woman Leadership Institute and Networking in Abuja, yesterday PHOTO: KINGSLEY ADEBOYE

Foreign, Domestic Investors Stock Market Transactions Hit N6.01Trillion in 7 Months LCCI calls for deliberate strategy to attract long-term FDIs, address economy’s structural weakness Kayode Tokede and Dike Onwuamaeze in Lagos Foreign and domestic investors’ transactions on the Nigerian Exchange Limited (NGX) increased to N6.01 trillion in seven months of 2025, amid growing confidence in the nation’s economy and fundamentals of listed companies on the bourse.

This represented about 94.08 per cent increase over N3.09 trillion declared in seven months of 2024.

The report, however, came on a day the Lagos Chamber of Commerce and Industry (LCCI) called for a deliberate strategy that could address structural imbalances in the economy and attract long term investments that would drive job creation, industrial growth, and long-term competitiveness.

The Director General of LCCI, Dr. Chinyere Almona, made this call yesterday in a public statement titled “LCCI Cautions on Rising Cost, Weak FDI, Despite Inflation Relief.”

But the latest “domestic & foreign portfolio participation in equity trading” report released

by Exchange showed that domestic investors sustained their leading position as the market dominance ahead of foreign investors.

The breakdown showed that total foreign portfolio transactions moved to N1.28trillion in seven months of 2025, representing an increase of 114.26 per cent from N598 billion in seven months of 2024, while total transactions by domestic investors in seven months of 2025 stood at N4.73 trillion, about 89.25 per cent increase from N2.497 trillion in seven months of 2024.

In the period under review, foreign and domestic investors’ transaction performance represented a new record for the stock market, driven by Pension Fund Administrators (PFAs) and domestic high network investors increasing participation.

The report revealed that in the seven months of 2025,

Foreign Portfolio Investments (FPIs) now account for 21.33per cent of transactions at the Nigerian market, as against the situation in the previous year when foreign transactions amounted to 19.32 per cent of the market’s transactions.

On the flip side, the proportion of participation by domestic investors dropped from 80.68per cent in the seven months of 2024 to 78.67 per cent in seven months of 2025.

The surge in foreign investors’ participation is in the backdrop of Central Bank of Nigeria (CBN) reforms in the foreign exchange market aimed at enhancing transparency, compliance, and market stability.

These reforms areart of the CBN’s broader strategy to create a fairer, more stable foreign exchange market and support economic growth through better monetary policies.

In all, the stock market has seen stability in the foreign exchange market, companies recovering from foreign exchange

losses, market liquidity, capital inflow, dominance of domestic investors, increasing portfolio investment, CBN’s banking sector recapitalisation and insurance sector reforms have played a critical role in overall market capitalisation growth so far in 2025.

According to the report, there was upbeat across the buy and sell sides of foreign transactions. Foreign inflows increased to N609.73 billion in seven months of 2025 from N266.64billion in seven months of 2024, while outflow moved from N331.36 billion in seven months of 2024 to N671.56billion in seven months of 2025.

The report by the NGX also disclosed that domestic retail investors transaction moved to N1.99 trillion in seven months of 2025 from N1.27 trillion in H1 2024, while domestic institutional investor transaction stood at N1.15 trillion in seven months of 2025 from N1.23 trillion reported by the NGX in seven months of 2024.

APC to NBA: Stop Your Devious Role as Meddlesome Interloper in Osun LG Crisis Yinka Kolawole in Osogbo The Osun State chapter of the All Progressives Congress (APC), has expressed its disappointment in the leadership of the Nigerian Bar Association (NBA) for its role in the lingering local government crisis, which has culminated in the withholding of council allocation by the federal government.

The party wrote: “When there was a hint that the NBA was needlessly dabbling into the issue of the delay in the payment of the allocations for the local government for six months running, we had

thought that the body which ideally is peopled by a galaxy of noble professionals in the mastery of law was coming up with an enactment of a new law.

“But alas! Its outing was a bundle of disappointment to the chagrin of the right-thinking members of the society! That the NBA leadership could descend so low to have illegally constituted itself into a law court whereby it’s finding it appropriate in its estimation to dispense suspicious judgemental submission spoke volume of what irredeemable mess those saddled with the responsibility

of leading the highly revered legal body has turned it to.”

In a statement by the state Chairman of APC, Sooko Tajudeen Lawal, the party noted that, “It is disheartening, worrisome and shameful that the NBA, a professional body that has a burden of integrity hanging on its neck by the way of the controversy that dotted its election that heralded the present leadership and the initial scheduling of the holding of this year’s annual conference of the body in Port Harcourt, Rivers State, before the emergency rule was introduced into the riverine state and controversially shifted

same to Enugu State could have the shameless audacity to poke its nose in a matter that doesn’t concern it in Osun State.

“In the first instance, the NBA is not a party to the suit.

They have no locus to review it. The NBA is not the Supreme Court of Nigeria. They have no jurisdiction to review or even interpret the judgement of the Court of Appeal The only body that can interpret the judgements and give a final decision is the Supreme Court: Oriker Jev & Ors v Iyortom & Ors (2015) NWLR (pt 1483) 484 may be helpful to the leadership of the NBA.

Capital market analysts attributed the upbeat at the Nigerian stock market to the increasing attractiveness of the Nigerian market to foreign investors, ongoing economic reforms, resilient earnings by Nigerian companies, exchange rate differential, ongoing banking recapitalisation and the reform in the oil sector.

Analysts stated that the Nigerian stock market shows less volatility signs amid a new era of unpredictability, marked by tariff threats and rising global tensions, that may prompt emerging market investors to look for shelter in frontier markets that are relatively safe from US President Donald Trump’s trade policy shifts.

The Vice President, Highcap Securities Limited, Mr. David Adnori in a chat with THISDAY attributed the increase in foreign investors participation to Federal Government moves to resolve foreign exchange backlogs, stressing that the move increased investors’ confidence and it sustained a rally in the stock market.

“The increase in yield on debt instruments attracted foreign investors to the debt market.

The combination of all these factors increased FPI into the capital market.

“In summary, Nigeria’s high-yield environment, recent regulatory reforms, a large and growing market, and supportive international signals make it an attractive destination for foreign investors seeking growth and diversification,” he added.

Analysts at Coronation in a report stated that fuel subsidy removal, liberalizing the forex market and monetary policy tightening reforms by the present administration have played a pivotal role in turning the tide.

The firm in a report titled, “Nigeria’s Bold Economic Reforms: How Investors Can

Benefit from New Opportunities in 2025” said the government, through CBN, removed its hard peg on the Naira and allowed the exchange rate to be influenced more by market forces.

“This removed the subsidy on some US Dollar payments as well as the preferential treatment of some interests.

Alongside this, the CBN cleared a backlog of dollar claims from previous years, which improved confidence in the market,” the firm explained.

Nonetheless, Almona said, “The easing of headline inflation and the rise in capital inflows are encouraging signals. However, we must not lose sight of Nigerian households grappling with rising costs, and investors are hesitant to commit long-term capital.

“The heavy reliance on short-term portfolio inflows is not sustainable.

“Our economy urgently needs a deliberate strategy to attract and retain productive investment that drives jobs, industrial growth, and long-term competitiveness.”

She added that while headline inflation has eased for the fourth consecutive month and capital inflows rose significantly in Q1 2025, there are still persisting structural weaknesses that have continued to weigh on the economy.

According to her, “Nigeria’s headline inflation rate dropped to 21.88 per cent in July 2025, down from 22.22 per cent in June and well below the 33.40 per cent recorded in July 2024.

“This is welcome progress and reflects the impact of recent reforms and changes in the CPI base year.

“However, the month-onmonth inflation rate increased to 1.99 per cent in July, up from 1.68 per cent in June, showing that prices still rise in real time for households and businesses.”

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THISDAY • FRIDAY, AUGUST 22, 2025

NEWS

GRAND LAUNCH OF EDENÉ WELLNESS LUXURY...

L-R: Attendees- Bukola Olawuni, Tayo Olanrewaju and Latifa Agbaoye; Founder, Edené Wellness, Dr. Oluwaseyi Adebayo; and Other attendees- Rabiat FawehinmiMorakinyo, Olushade Atolagbe and Abisoye Ogbede, at the grand launch of Edené Wellness Luxury Spa for Women held in Lagos State, Nigeria, yesterday

CDS: It Took Nigerian Security Forces Six Years to Track Down Ansaru Sect Leaders Expresses regret insurgents enjoy significant support from local communities Says nation spends $100,000 on a medium range precision weapon for a drone

Linus Aleke in Abuja

The Chief of Defence Staff (CDS), General Christopher Musa, yesterday, disclosed that it took the Nigerian security forces six years to track down leaders of the Ansaru terrorist group arrested recently.

He however, expressed regret that the insurgents have continued to enjoy significant support from local communities, especially through exploitation.

Musa also revealed that the nation spent no less than $100,000 on a single medium-range precision weapon for a drone.

Speaking on a Channels TV programme, the CDS explained that, “It’s been a long time. I believe it started about five or six years ago when combined security forces began tracking them. You know, they kept moving constantly.”

Expressing regret that the

insurgents continued to enjoy significant support from local communities, he stressed that they often exploited the ignorance of the people.

“They make you think it’s about religion—‘we’re just preaching’, ‘we’re your brothers’, ‘we’re not doing anything harm-

LP Lawmakers Urge Anambra Govt to Prosecute Those Who Assaulted Corper David-Chyddy Eleke in Awka

The Anambra State Labour Party Caucus in the National Assembly, has called on the state government and the Nigeria Police to bring to book, perpetrators of the violent attack against a member of the National Youth Service Corps (NYSC) in the state, Miss Jennifer Elohor.

The lawmakers described the recent incident captured in a viral video as a heinous, cruel, and criminal act that

flagrantly violated the laws of the land.

In a statement in Awka, the caucus which consisted of two senators and five House of Representatives members, said the Anambra State Government must take immediate action to protect the peace and security of residents and visitors by holding their agents accountable and responsible.

“We can wager a bet that, but for public outcry over the matter, the Governor Chukwuma Soludo administration would have,

as in several other incidents, simply swept the dastardly act under the carpet.

“The recourse to jungle tactics, one of which led to the brazen assault on the Corp member was inhuman and barbaric and is hereby condemned in its entirety.

“The caucus as a responsible and law abiding forum does not support criminality, but is seriously amazed that vigilante services in Anambra State are beginning to take over the functions of the Economic and Financial Crimes Commission

ATOPCON Seeks Full Implementation of Urban Planning Law Fidelis David in Akure The Association of Town Planning Consultants of Nigeria (ATOPCON) on Thursday called for the full implementation of the Nigerian Urban and Regional Planning (NURP) Law of 1992, now CAP U2 LFN 2004, to address urban challenges like building collapses and flooding by establishing

a coherent, legally-backed framework for physical planning across the country.

Speaking at the association’s Annual General Meeting in Akure, ATOPCON President Adebisi Adedire expressed deep concern over the minimal attention given to the legislative and institutional framework for physical planning in the country, urging government

at all levels to prioritize urban planning to mitigate pressing urban planning challenges facing Nigeria cities.

According to him, legislation was vital because of the increased rate of illegal erection of structures across the country noting that it had become necessary to have a more responsive planning system in Nigeria.

(EFCC) and the Police, such that they now have the effrontery to burst into female Corpers Lodge to brutalise and strip ladies naked, all under the guise of fighting crime.

“The impunity and lawlessness of this contraction called Agunechemba is well documented and must, therefore, be checked before it further gets out of hand.

ful’. But their true intentions are different. When the Lakurawas came in, they first established themselves in Niger.

“Then, those within the border areas saw them and were concerned. They invited them in—‘come tonight, be our friends, let’s work together, we’ll feed you’.

“When the locals could no longer sustain them, the terrorists started taxing the people. And when that didn’t work, they turned on them. It’s always the same pattern.”

While noting that efforts were ongoing to completely stamp out the Lakurawas group from the North-West theatre of operations, Musa called for the introduction of security studies into the curriculum of primary schools in Nigeria.

Responding to questions on the deployment of drone technology in the ongoing fight against terrorism and banditry, he stated that the use of technology was capital-intensive, especially given

that the equipment was not manufactured locally.

“The price of a medium-range precision weapon for a drone is $100,000—for one. So, if you strike once, that’s $100,000.

“How much is that in naira?

It’s about N150 million. How many can we afford to buy? So we have to be very careful about where we deploy it, to ensure it makes the desired impact.

“Just two weeks ago, we had a successful strike where we killed over a hundred of them and destroyed more than 50 motorcycles. That was a good strike because the timing was right, we were ready, and the drone was available. We took out the insurgents.”

Emphasising the importance of satellite technology in military operations, Musa said, “We need real-time satellite capabilities. For example, during an ongoing operation, if we can see our commanders and monitor their direction, we can provide input from the control centre.

What This Milestone Means for Nigeria

more inflows into the official market. Oil, Nigeria’s major source of foreign earnings, has also benefitted from relatively firm global prices, while recent efforts to curb oil theft have supported higher output and revenues. These factors have combined to push reserves to their current level, a figure not recorded in recent years.

Besides, market watchers believe the improved reserves will help restore investor confidence in Africa’s largest economy, which has struggled with foreign exchange shortages and high inflation.

“With $41 billion in reserves, Nigeria has a stronger capacity to intervene in the market and

smooth out volatility. It also reassures foreign investors that the country can meet obligations when due,” said a Lagos-based economist, who preferred anonymity.

The reserves build-up also carries wider implications for the economy. A stronger buffer could reduce the risk of currency depreciation, slow inflationary pressures caused by a weak naira, and improve the country’s credit profile in the eyes of international lenders and rating agencies. This could, in turn, lower borrowing costs for the government and attract more capital inflows.

However, experts caution that the sustainability of the new reserve level remains uncertain as

Nigeria’s heavy dependence on oil revenue leaves it vulnerable to swings in global crude prices and production challenges at home.

In the same vein, any sharp drop in oil receipts, or renewed pressure on the foreign exchange market, could quickly erode the gains. They also stress that building reserves is only part of the solution.

The country needs to diversify its economy, boost non-oil exports, and reduce reliance on imports that drain foreign currency.

Structural reforms, they argue, are necessary to ensure that the gains from higher reserves translate into long-term economic stability.

FRIday august 22, 2025 • T H I S D AY

38

NEWSxtra

COURTESY VISIT…

L-R: Board Member, Nigeria-South Africa Chamber of Commerce (NSACC), Mr. Ohis Ehimaighe; Executive Secretary, NSACC, Mr. Iyke Ejimofor; Treasurer, NSACC, Mr. Zoe Omonkhogbe; Chairman, NSACC, Dr. Ije Jidenma; NSACC Exco Member, Mr. Richard Daniels; CEO, MTN Nigeria, Dr. Karl Toriola; Board Member, NSACC, Mrs. Folake Ademiluyi; Vice Chairman, NSACC, Mr. Ajibola Olomola, and General Manager, Corporate Affairs, MTN Nigeria, Ms. Chineze Gbenga-Oluwatoye, during a courtesy visit by NSACC to MTN Nigeria in Lagos…recently

Fagbemi Denies Political Influence in Withdrawal of Otudeko, Kuru Cases

Wale Igbintade

Attorney-General of the Federation (AGF) and Minister of Justice, Chief Lateef Fagbemi, SAN, has dismissed insinuations that political considerations played

a role in the federal are strictly guided by The retreat is themed government’s recent the law and facts, not “Repositioning for Digital decision to withdraw emotions or political Transformation.” criminal charges against pressure.

The AGF specifically some high-profile Nigerians.

Speaking to journalists at the 2025 Ministry of Justice Top Management Retreat in Ikot Gbenga Sodeinde in Ado over its continued ‘negative Ekpene, Akwa Ibom Ekiti comments aimed at State, Fagbemi said disparaging President Bola prosecutorial decisions A chieftain of the All Tinubu’s administration’ Progressives Congress (APC) over the road networks in Ekiti State, Mr. Kayode across the state.

“The continued and swift Oluyemo, has chided the state Governor Biodun comments by Governor Oyebanji’s administration Oyebanji and his aides

addressed cases involving the Chairman of Honeywell Group, Dr. Oba Otudeko, and the

former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru.

Ekiti Roads: Stop Disparaging Tinubu, APC Chieftain Cautions Oyebanji, Others blaming the federal government for bad roads in Ekiti State on the premise that they are federal roads, is nothing but narrow-minded, inept, ungrateful, and unacceptable,” he stated.

Oluyemo, reacting to Governor Oyebanji’s Co-

mmissioner for Information, Taiwo Olatunbosun’s remarks on a radio programme, cautioned the state government against further discrediting the government of President Tinubu over some bad roads across the state.

participants examined the implications of industrialscale animal agriculture on local communities and Nigeria’s food system.

Speaking at the workshop, the Director of Programmes at HOMEF, Joyce Okeogene Brown, highlighted that multinational corporations such as JBS are acquiring

vast expanses of land in Nigeria.

She cited Niger State’s offer of 1.2 million hectares of land as an example, warning that such acquisitions threaten to displace local farmers and pastoralists who currently sustain national food production.

Makinde Approves N45m for Control of HIV/AIDS Stakeholders Fault Incursion of Multinationals into Meat Production

Kemi Olaitan in Ibadan

The Oyo State Governor, Seyi Makinde, has approved the sum of N45 million for the Oyo State Agency for the Control of AIDS (OYSACA) to further curb the spread of HIV/AIDS across the state.

The governor, represented by his deputy, Bayo Lawal, disclosed this at the inauguration ceremony of OYSACAAmbassadors held at the OYSACA Conference Room in Agodi, Ibadan.

He explained that the funds, alongside the recent approval of the purchase of the HIV test kit, are targeted at strengthening the agency’s capacity to combat the epidemic.

The governor, while inaugurating the ambassadors, including Dr. Saka Balogun, Archbishop Ayo Ladigbolu, Chief Mutiat Ladoja, Alhaji Rasaq Adeleke, Hon. Wale Saminu, and Hon. Shina Peller, reaffirmed his administration’s commi-tment to improving public health and reducing the prevalence of HIV/AIDS in the state.

Michael Olugbode in Abuja

Stakeholders from civil society, research institutions, and international organisations have expressed deep concern over the growing incursion of multinational industrial farming corporations into

Nigeria’s meat production sector, warning of grave consequences for food sovereignty, public health, and the environment.

The concerns were raised during a media workshop organised by the Health of Mother Earth Foundation (HOMEF) in Abuja yesterday, where

INEC Urges Leaders to Mobilise Voters for Registration in Sokoto Foundation donates equipment to boost registration in Lagos

Onuminya Innocent in Sokoto and Kayode Tokede

The Independent National Electoral Commission (INEC), Sokoto State, has called on traditional, religious, and opinion

leaders to sensitise their citizens on the importance of participating in the ongoing Continuous Voters Registration (CVR) exercise.

Meanwhile, the Samuel Ajose Foundation has donated essential equipment to all 57 Local Council

Development Areas (LCDAs) in Lagos State.

This, the foundation also made donation available to support continuous voter registration and drive party membership ahead of the 2027 elections.

At a stakeholders’ briefing

held yesterday at the commission’s headquarters in Sokoto, Resident Electoral Commissioner Umar Yusuf Garba, emphasised the significance of the exercise in strengthening the country’s democratic system.

Otu Calls for FG’s Support on Nutrition, Health Reforms

Cross River State Governor, Senator Bassey Out, has restated his administration’s commitment to a peoplecentered government, with a special focus on nutrition, preventive healthcare, and

education, while calling for greater federal support to sustain reforms.

Speaking while receiving the Special Assistant to the President on Public Health, Mrs. Uju Rochas-Anwuka, in Calabar, Out governor

said his administration deliberately designed its policies to place citizens at the center of development, especially in sectors critical to human capital growth.

Otu said: “Our agenda was very clear from the

beginning; we want a people’s government here.

Everything we do places the people at the center.

Education and health are the two key areas that, if not working well, no society can make progress.”

39

THISDAY • FRIDAY, AUGUST 22, 2025

FRIdaysports

Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

0811 181 3083 SMS ONLY

WORLD ATHLETICS DIAMOND LEAGUE...

Ofili Makes Stopover in Brussels Before Heading to Grand Finale in Zurich Duro Ikhazuagbe

Before heading to the final of the World Athletics’ Wanda Diamond League grand finale at the Weltklasse Meeting in Zurich next weekend, Nigerian sprinter, Favour Ofili, will be in action this night at the Allianz Memorial Van Damme in Brussels, Belgium.

It is the final opportunity for top athletes to bank qualification points ahead of the series grand finale next week.

Ofili is the only Nigerian in action in the shorter sprint in Brussels tonight where she

will battle Olympic 100m Silesia last week with 10.66.

Her form suggests that she bronze medallist Melissa Jefferson-Wooden who is could challenge the meeting looking to maintain her current record of 10.72, shared by momentum through to Zurich and all the way to Tokyo for the World Championship.

The US sprinter is undefeated at 100m this year and has produced the four fastest times of her career in her last four finals. The ‘slowest’ of those was a 10.75 clocking, but that was into a -1.5m/s headwind. Her fastest time was her world-leading 10.65 from the US Championships, which she came close to in

Shelly-Ann Fraser-Pryce and Elaine Thompson. FraserPryce is also in the field, as is world champion Sha’Carri

Richardson. It will be the first time that Jefferson-Wooden, Fraser-Pryce and Richardson have been in the same 100m

Victor Boniface is Seventh Nigerian to Switch to Milan Nigerian international, Victor Boniface, has completed a one-year loan move to AC Milan from Bayer Leverkusen.

According to Top Transfer Expert, Fabrizio Romano, Boniface had a routine medical yesterday to complete the move from Bundesliga to the Italian Serie A. Fabrizio stated in his social media post yesterday that the deal will be an initial loan and Milan will pay Leverkusen a loan fee of five million euros.

“There is an option for the Italian club to sign the 24-yearold striker on a permanent basis for 24 million euros, but this is not mandatory.

“A permanent deal will be until 2030.”

The 24-year-old striker becomes the seventh Nigerianto wear Milan’s famous red and black shirt, following in the footsteps of Aliyu Datti, Taribo West, Kingsley Umunegbu, Nnamdi Oduamadi, Taye

Victor Boniface...seventh Nigerian to play for AC Milan

Taiwo, and most recently, Samuel Chukwueze.

Boniface will hope to emulate Chukwueze, who currently holds the record as Milan’s top-scoring Nigerian with eight goals.

Negotiations moved quickly after Boniface’s representative, Atta Aneke, travelled to Milan to finalise personal terms.

Boniface came close to switching to Saudi’s Al Nassr last January before the deal fell through in the last minute.

‘Next Generation’ Players Separate themselves from Colleagues Junior players under the age of 16 who were tapped to play in the Zenith Bank Next Generation Masters which ended in Lagos last week are making solid statements to their colleagues at the SNEPCo Junior Championships taking place at the MKO Sports Arena in Abeokuta, Ogun State.

Goodnews Aina from the Ekiti-based Lekmak Tennis Academy who proved that her victory over National No.1, Khadijat Mohammed at the Central Bank Senior Championships was no fluke by winning the Next Genera-

SNEPCo JUNIOR TENNIS tion Masters, started the rout by beating Sarah Adisa from Ondo State 9-0 and Abiodun Temiloluwa from Ogun State 9-0 in round robin group matches.

Gloria Samuel, Aina’s teammate, followed with 9-4 and 9-1 victories over Success Godwin from Lagos and Wuraola Ziyyadat from Ogun State respectively. Not to be outdone, Favour James, from the GEUF Tennis Academy in Uyo beat Godwin 9-3 and Wuraola 9-1 in pro-set round robin matches in the same group.

Favour Ofili...a stopover in Brussels tonight before Diamond League finale in Zurich next weekend

race. It promises to be one hell of a race tonight.

In all of these, Ofili with just four Diamond league points to her credit in the 100m, is not in reckoning in Brussels.

Even if the unexpected happens and she wins the race, 12 or 13 points cannot take her to a place in the 100m final in Zurich. It will only prepare her for the 200m where she has booked a spot in the final.

Her second place finish behind American Brittany Brown on a wet, raining track in Lausanne on Wednesday evening earned her the seventh place in the 200m line up in Zurich.

Tobi Amusan, who is the second Nigerian for the Diamond League finals, will not be competing tonight in Brussels. She is already looking forward to next weekend in Zurich where she will hope to increase the number of times that she has won her specialty, the women’s 100m hurdles and the accompanying $50,000 prize money.

Amusan, the reigning queen of the 100m hurdles, finished fifth in Lausanne on Wednesday with a lowly time of 12.82 secs. The disappointment didn’t bother her as she has already amassed 27 points for a second place behind Grace Stark, who leads the standing from the series with 35 points.

Man City vs Spurs Headlines Premier League Live on Supersport The Premier League returns with its second matchday after delivering action on its opening weekend. All the action will be broadcast live on DStv and GOtv. Today, the season’s first London derby will see West Ham host Chelsea. The match kicks off at 8 pm. The Hammers are still smarting from their 3–0 defeat to Sunderland, while Chelsea will be eager to register their first win after a goalless game with Crystal Palace.

Saturday’s early kick-off will see Manchester City host Tottenham at 12:30 pm. Pep Guardiola’s side demolished Wolves 4–0 on the opening day. Spurs will arrive with confidence from their commanding 3–0 win over Burnley.

At 5.30 pm, Arsenal will welcome Leeds. The Gunners edged past Manchester United with a 1–0 victory at Old Trafford last weekend,

and they’ll be keen to keep the momentum, while newlypromoted Leeds look to shock the league and build on their 1-0 victory over Everton.

On Sunday, Fulham host Manchester United at 4:30 pm.

United are licking their wounds after that narrow defeat to Arsenal, while Fulham are

eyeing a big scalp at Craven Cottage to assert themselves early in the campaign.

The action climaxes on Monday night when Newcastle host Liverpool at 8:00 pm. The Reds opened with a thrilling 4–2 win over Bournemouth, and Newcastle will be desperate to rise to the occasion after

a disappointing goalless draw against Villa.

Every match will be shown live on SuperSport Premier League (GOtv Ch. 65, DStv. Ch. 203). The season may just be starting, but rivalries, redemption, and title ambitions are already shaping the story you don’t want to miss.

GIG Logistics Becomes Official Sponsor of Eniola Bolaji’s Road to LA 2028 Paralympics The Badminton Federation of Nigeria (BFN) has officially unveiled GIG Logistics (GIGL) as the sponsor of Nigeria’s Para-badminton sensation, Eniola Mariam Bolaji, in her journey to the Los Angeles 2028 Paralympic Games.

The announcement was made at a grand unveiling ceremony in Abuja on Thursday attended by top sports administrators,

corporate leaders, and members of the sporting community, marking a new chapter in Nigeria’s drive to support its athletes on the world stage.

Eniola, currently ranked World No. 2, has enjoyed a phenomenal run in 2025, winning gold medals at the two Spanish ParaBadminton Internationals, Egypt Para-Badminton International, and the British & Irish Para-Badminton

International in Wales.

She also made history with a bronze medal at the Paris Paralympics, becoming the first African to win a medal at the Olympics or Paralympics in badminton or para badminton.

With an unbeaten streak of 14 championships and 14 gold medals, Eniola stands as one of the most dominant athletes in global para-badminton.

T H I S D AY • FRIDAY, AUGUST 22, 2025

Price: N400

BaCK Page lead PhotograPh

40th day fidau held for the late Awujale...

L-R: First son of the deceased, Prince Adeniran Adetona; Alhaji Aminu Ado Bayero of Kano; Chairman, Rite Foods, Dr. Sulaiman Adebola Adegunwa; former President Olusegun Obasanjo and the Ogun State Governor, Prince Dapo Abiodun, during the 40th day fidau held for the late Awujale and Paramount Ruler of Ijebuland, Oba Sikiru Kayode Adetona in Ijebu-Ode... yesterday

AKINOSUNTOKUN DIALOGUE WITH NIGERIA

akin.osuntokun@thisdaylive.com

The Godfather of OPC?

T

he claim that former Secretary to the Government of the Federation Babachir Lawal made about Nigerian presidents of Yoruba origin on Channels Television prompted me to reflect on a separate, weighty, and anonymous referral I recently encountered. A United States–based Nigerian scholar of African politics visited Nigeria to research for a forthcoming book. During his interviews with opinion leaders, he spoke with a frontline Nigerian of Northern origin who declined to be named.

In the course of the interview, this individual described Obasanjo as the “godfather of the Oodua Peoples Congress (OPC).”

Now if ever there was a laughable proposition by any measure of the imagination, this is it!. It is one that makes no sense at all and is readily dismissable. Yet it was the report of a respected scholar who valued his interviewee enough to include him in a select sample of opinion leaders. Maybe the man is reminiscent of the buffoonery of Donald Trump who grossly exaggerates his mindless falsehoods but would then turn around with the excuse that he does not expect to be taken seriously.

The implication of holding such a mindset is appalling even if he was speaking metaphorically.

Obasanjo’s profile is so antithetical to that of a purveyor of Yoruba irredentism that he would have to be deemed schizophrenic to believe this of him. I don’t know any Yoruba personality who is so spontaneously irritable at placing any political emphasis on his Yoruba identity. He would relentlessly retort that he is a Nigerian first before he is Yoruba, never mind the shaky grounds on which such formulation stands. He and the Yoruba are mutually disdainful. The culture is fading, but whenever Obasanjo is mentioned in discussions among the Yoruba, the vintage disposition of the typical Yoruba is scorn burnished with his demonisation as a “Northern stooge”. In the deep cleavage ridden Nigerian politics, he is the exceptional ‘detribalised’ Nigerian nationalist. Even if Nigerian nationalism often amounts to pandering to the whim of the dominant conservative wing of the Northern political establishment.

I pressed on, this has to be a joke, right? No, the man was dead serious, the Professor cut me short. He said he reminded the interviewee of Obasanjo’s conspicuous hostility towards the militia group captured in his belligerent directive that ‘anyone who calls himself OPC should be shot on sight’ and went further to incarcerate the two leaders of the organisation, Frederick Fashehun and Gani Adams for two years’. The

Former President Olusegun Obasanjo man responded that the former president was just playing games.

(Wikipedia defines ‘the Oodua Peoples Congress (OPC) as a Yoruba nationalist, regionalist, and vigilante organization in Nigeria. It is also known as the Oodua Liberation Movement (OLM) or the Revolutionary Council of Nigeria.

It is based in southwestern Nigeria and has grassroots support within the Yoruba ethnic community’.)

Pondering the gravity of what I just heard, I lost my appetite. How does one begin to engage with this kind of mindset? Even at the level of fables, how can one and the same person be the godfather of the Kaduna mafia (“a small circle of people based in Kaduna, the former capital of Northern Nigeria, that manipulated the levers of political power for their personal economic benefits and also in pursuit of Northern political and administrative hegemony within the Nigerian federation) and OPC simultaneously?

“The group, according to Nvendaga Jibo, supposedly achieved most success during the military regime of General Obasanjo, where many of its members were appointed to key positions of power and used its alliance to obtain patronage and disburse favour to friends and associates”. And in the coup of December 1983, the leading conspirators (representative of the mafia) had requested him to pick up the baton he left behind in October 1979 but he declined.

You will recall the Mohammed Buhari junta routinely self identified as an offshoot of the Murtala-Obasanjo regime.

I have recalled all this readily available intro on Obasanjo in response to an allegation levelled by Babachir Lawal (I otherwise

regarded him as a big brother). Recently on the channels television, he took umbrage at the presidency of Ahmed Bola Tinubu whom he accused of insufferable arrogance and being totally disrespectful of the North. It is telling that Lawal, who previously led the Northern Christians’ revolt against Tinubu’s Muslim/ Muslim ticket in 2023, has reemerged within the protective custody of the Northern political establishment. This reemergence is a measure of the resilience of the ‘one North’ strategy.

Now, he advocates the determination of the North to vote as a ‘bloc’ to get rid of the president in the next general elections in 2027.

He generalises the Tinubu behaviour as typical of the Yoruba, claiming that ‘When you help the Yoruba to get to power, they repay you with disdain, they turn around to treat you as a subdued and conquered people’. If memory serves me well, the only other Yoruba to have served as president of Nigeria is Obasanjo, first as a military ruler and latterly as elected civilian president. Well, should I include Ernest Shonekan?

In an unintended response to Lawal, Abraham Ogbodo wrote of Vice-president Atiku Abubakar in the Guardian “Being Vice President for eight years, between 1999 and 2007, with almost coordinate powers with the President in the first four years, has not assuaged that thirst for power in you”. My own experience as spokesperson for the Obasanjo reelection campaign and political adviser supports this observation.

He told me that his grand political strategy (which came back to haunt him) was to cede wide latitude to Abubakar to grapple with the administration of Nigeria’s political economy in their first term and grant similar powers to the Vice-president to run the foreign affairs of Nigeria in their second term (Obasanjo refers to it as making him the busiest Vice-president in the world). This strategy was to ensure the preparedness of the latter to eventually succeed him as president. Ironically, thus empowered, there was hard evidence of conspiracy by Atiku to preclude Obasanjo from serving a second term in office. He had employed the empowerment to cultivate and build a coterie of powerful political loyalists not for Obasanjo’s reelection but for his usurpation to supplant his principal.

A notable moment was the interview he granted to the British Broadcasting Corporation, BBC Hausa service. On the eve of the Peoples Democratic Party, PDP presidential primaries,

he was asked of his intention. He said he had three options. One was to run with Obasanjo, the other was to run with Alex Ekweme and the third was to run himself. It is fair to argue that the North has felt marginalized under Tinubu’s presidency, although I am not certain of the full basis for that claim. Im nonetheless gratified at this grudge. There is the need for all Nigerians to suffer the political dysfunction of the prevailing quasi unitary constitution. Like Buhari before him, the president has glaringly advertised the bane of over-centralisation of power at the centre.

In the biography of the late General Shehu Yaradua produced by the Shehu Yaradua Centre ‘Yaradua traced the problem to Nigeria’s system of government. “As long as the central government is so strong, so long shall we continue to have problems”. Its hierarchical instincts and command structure had led it to create a unitary system disguised as a federation...

Yaradua advocated the creation of a six-state federation in which each state would have far greater autonomy and identity, with powers to raise its own police force, stronger courts, and a greater share of derived revenue” (p252) He went further “Over the last two years, both the federal and state governments have been retrenching people because they admit that there isn’t enough money to pay them. And yet we have just gone ahead to create more states and more local governments...So now we have got 36 states and 774 local governments. Those are enough I think to just about wipe out the country. I hope one of these days our children will find sanity and restructure the country in such a way that it is able to survive” (p 288).

Beyond Soludo’s eccentricity

The saying by William Congreve that “Hell hath no fury than a woman scorned” nicely sums up Charles Soludo’s predicament, his envy of the rising profile of his predecessor in office, Peter Obi. In veiled reference to obi’s pledge to do one term in office, (if elected as president in acknowledgement of the North/South rotation of the office of the Nigerian president). Thus responded Soludo “How can anybody with a functioning brain say that? Do you think you’re speaking to fools? “You come to people and say you will do only one term, any politician who says that must be sent to a psychiatric home because the person must have some mental problem,” Continues online

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